Finance Minister Says Thailand Can Weather Global Uncertainties, Seeing 3.8% Economic Growth in 2023

Thai finance minister maintained his economic outlook for the kingdom to grow 3.4% this year and 3.8% next year, boosted by a rebound in the vital tourism sector

Arkhom Termpittayapaisith, Minister of Finance, said on Wednesday at a World Bank event that Thailand can weather global uncertainties, seeing average inflation should come in at 6% this year.


Headline inflation in Thailand decreased for a third consecutive month, reaching 5.55% in November 2022 from 5.98% in the previous month and compared with market forecasts of 5.8-5.9%. This was the lowest monthly reading since April.

However, core consumer prices went up 3.22% year on year in November, the most since July 2008, following a 3.17% increase in October and falling short of the 3.2% consensus.

The annual inflation rate for the first eleven months of 2022 (January to November) increased marginally to 6.10%.


Meanwhile, the state planning agency reported earlier today that Thailand’s unemployment rate in the third quarter dropped to 1.23% from 1.37% in the second quarter, as economic activity gradually improved and tourism recovered.

Employment increased 2.1% in the quarter ending September from a year earlier after a 3.1% rise in the second quarter.