Thai Finance Minister Expects Economy to Grow 2.8% from Accelerating Consumption and Investment

Thailand’s economic growth may be in line with forecast this year, according to Deputy Finance Minister Krisada Chinavicharana’s statement at a business event on Friday.

The economy is expected to grow 2.8% this year, boosted by public consumption and investment after the political vacuum has ended with the new government formation. Moreover, public investment and spending will also attract more private investment, while private consumption and tourism continue to grow.

Earlier, the finance ministry forecast for an economic growth by 3.5% in 2023, but the National and Social Development Council, the state planning agency, expected to see a 2.8% growth this year.

The new chapter for Thailand is beginning after Mr. Srettha Thavisin took the helm as Thailand’s new prime minister. More stimulus measures are expected to be introduced, especially a THB 10,000 handout to drive spending, but this is due next year.

Experts expected to see some measures to begin in 4Q23.

Thailand’s economy grew 1.8% in the second quarter this year.