Bangkok, The Bank of Thailand may lower its forecast for the Thai economy in 2023 from the previous estimate of 2.4%. For 2024, there are many other risks. Ms. Chayawadee Chaianan, spokesperson for the Bank of Thailand (BoT), stated that the BoT may reduce its forecast for the Thai economy in 2023 from the original estimate of 2.4%, but cannot yet specify. Whether it will be reduced to less than 2% or not because we have to wait for the meeting of the Monetary Policy Committee (MPC), which will have its first meeting of this year on February 7, 2024. both considering setting the policy interest rate as well For the January 2024 trend, economic activities are expected to continue to gain momentum from consumption and the tourism sector. But it is still necessary to monitor the recovery of merchandise exports. The next phase must be followed. recovery of world trade Impact of geopolitical conflicts and government policy The BoT announced the economy and salaries in December 2023 and in the 4th quarter of 202 3. It was found that the Thai economy as a whole expanded at a slower pace. According to tourism sector income and export value, excluding gold, which decelerated due to a slow recovery of world demand. and partly from structural factors that hold back the recovery of the export sector. industrial production and the tourism sector, such as the Chinese economy becoming more self-reliant As a result, industrial production indicators and private investment is also in a slower direction. Government spending shrank due to capital expenditures of both the central government and state enterprises. However, private consumption indicators and the service sector continued to expand and were important driving forces of the Thai economy. while economic stability General inflation rate decreased According to the government's measures to reduce the price of gasoline and the price of crude oil in the world market. In addition, the price of fresh food decreased as production increased. Meanwhile, core inflation remained sta ble. The labor market continued to recover from the previous quarter. But we are beginning to see signs of employment in the manufacturing sector slowing down. As for the current account surplus, it decreased from the previous quarter. According to the trade surplus, the trade balance decreased significantly. On January 24, the Fiscal Policy Office (FPO) announced a reduction in the forecast for the Thai economy in 2023 down to growth of 1.8% and on February 19. The Office of the National Economic and Social Development Council (NESDB) will announce the Thai economic situation in the 4th quarter of 2023 and summarize the Thai economic situation in 2023, which is most recently expected to grow by 2.5%. Source: Thai News Agency