Thailand’s Economic Outlook for 2023 Faces Potential Downward Revision


February 01, 2024

BANGKOK (NNT) – The Bank of Thailand (BOT) has indicated that it might revise down the previously projected Thai economic growth for 2023 from 2.4%. However, it is yet unclear whether the revision will fall below 2%. 

The BOT has stated that it awaits the first meeting of the year of the Monetary Policy Committee (MPC) scheduled for February 7th, which will also consider setting the policy interest rate, before making the revision.

Regarding the economic figures for January 2024, it is anticipated that economic activities will continue to benefit from public consumption and from the tourism sector. However, the recovery of export activities remains a focus, along with the longer-term impacts of global trade recovery, geopolitical conflicts, and domestic fiscal policies.

Previously, the Fiscal Policy Office announced a downward adjustment of Thailand’s economic growth projection for 2023 to 1.8%. 

Additionally, on February 19th, the Office of the National Economic and Social Development Council is scheduled to release the Thai economic performance for the fourth quarter of 2023 and a summary of the economic situation for the entire year, which is currently projected to grow at the rate of 2.5%.

Source: NNT