World Bank Trims Thailand’s Economic Growth in 2023 to 3.4%

The World Bank trimmed Thailand’s economic growth in 2023 along with the projection for East Asia Pacific countries due to the slowdown in China.

Growth in South East Asia’s second largest economy was trimmed by the World Bank to 3.4% in 2023 from 3.6% in an earlier forecast. Meanwhile, 2024 economic growth was also cut by two percentage points as well, dropping to 3.5% from 3.7% estimated in April.

The World Bank stated that growth in the region remains higher than the growth projected in other emerging market and developing economies (EMDEs) but is slowing down compared to its earlier projections.

The East Asia Pacific region is now projected to grow by 5.0% in 2023, a 0.1 percentage points drop from the forecast in April 2023. Meanwhile, growth in China is projected to be 5.1% in 2023, faster than 3.0 percent in 2022.

However, growth in the rest of the region is projected to slow to 4.6% in 2023 from 5.8% in 2022, and down from the 4.9% projected in April 2023. The Pacific economies are expected to continue expanding in 2023, with growth projected to be 5.2%, on average, in 2023.