Thailand’s Economic Growth Expected at 3-4% in 2023

Thailand’s economy is expected to expand 3%-4% this year with support from the key tourist sector despite a decline in exports due to a slowdown in global demand, said the finance minister on Wednesday.

At a recent business seminar on Wednesday, Finance Minister Arkhom Termpittayapaisith pointed out the significance of coordination between monetary and fiscal policies for sustained economic growth.

As inflation falls, Arkhom believes there is no need for Thailand’s monetary policy to follow American monetary moves.

In addition, the finance minister reaffirmed that Thailand’s fiscal position is still steady, as the country’s public debt was not very high and its foreign debt was also low, despite the global banking sector’s woes.

A rate hike of a quarter point is widely anticipated from the Bank of Thailand at its upcoming meeting on March 29.