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Economy May Miss 2023 Forecast: Finance Ministry

The Thai Ministry of Finance has warned that a global economic slowdown might prevent the Thai economy from growing by 3.8% in 2019, but that current projections should still be met.

The key tourist industry is picking up speed, therefore Minister of Finance Arkhom Termpittayapaisith is certain that the 3.4% growth forecast for this year will be met despite a slowdown in exports.

Exports, a major contributor to Thailand’s economic expansion, unexpectedly fell in October for the first time in 20 months, and the Ministry of Commerce has projected a further slowdown in the face of weaker global demand.

Despite the weak baht, export shipments increased by 9.1 percent through October of 2022, compared to the same period in 2021.

The Ministry of Finance forecasts an 8.1% growth in exports for the current year and a 2.5% increase in exports for 2019. In addition, it receives 10.3 million visitors from other countries in 2022 and 21.5 million the following year.

Arkhom remarked that Thailand’s finances are secure enough to weather any potential storms.

A plan to increase annual passenger capacity at Don Mueang International Airport from 30 million to 40 million was authorized by the Cabinet on Tuesday, November 29th, at a cost of around 37 billion baht (US$1.04 billion).

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