The Ministry of Finance confirms GDP in 2023 will grow only 1.8 percent.

Bangkok, Ministry of Finance Confirming that GDP in 2023 will grow only 1.8 percent, facing many risk factors. Ready to use economic stimulus measures to push GDP in 2024 up to 2.8 percent in the Year of the Golden Dragon. Mr. Phonchai Theerawet, spokesman for the Ministry of Finance, said that the Ministry of Finance The Thai economy in 2023 expanded by 1.8 percent per year, considered to be slower than in 2022, which expanded at 2.6 percent due to a contraction in industrial production. Contracted for the 14th consecutive month in the automotive category. Contracted for the 13th month. Computers and electronics contracted for the 15th consecutive month. For the value of merchandise exports for the entire year 2023, it is expected that it will contract at -1.5 percent because the economy of Trading partner countries slow down import value Contracted at -1.9 percent, GDP was low at 1.8 percent, consistent with many agencies. FPO has calculated it on a quarterly/quarterly basis compared to the previous year in detail, not making GDP figures to please the government. is a low expansion According to various factors, in the 4th quarter of 2023, GDP expanded by 1.4 percent. In addition, Thailand still faces problems. Foreign capital flows from the capital market -330 billion baht Mr. Phonchai reiterated that the Thai economy is not in crisis yet because it has entered a crisis. There is a time crisis. and crises from events such as the Tom Yum Kung crisis There must be an international agency. Like the IMF Come help and the crisis from Covid-19, people cannot leave their homes. The economy is stagnant to the point of having to issue a decree to borrow money to help. Therefore, in order to drive GDP to meet the target from 1.8 hundred baht in 2023 to increase to 2.8 percent in 2024, the state bank must take care of loans. small businesses to have liquidity to conduct business Expediting state enterprises Accelerate investment plans When following the beginning of the first quarter of the year GDP is still sluggish a nd not improving. It may be necessary to propose additional measures to stimulate the economy. It is accepted that although there are problems with secret documents The GDP numbers are out. We still believe that the FPO is still a pillar of the economy. To build confidence in the Thai economy For 2024, the Ministry of Finance expects that the Thai economy Expands at an accelerated rate of 2.8 percent per year (forecast range (2.3-3.3 percent), expanding at an accelerated rate from 2023, supported by factors from The export sector expanded highly. The tourism sector expects that in 2024 there will be foreign tourists. 33.5 million people traveled into the country, expanding 19.5 percent per year. Average expenses were 44,273 baht per capita per trip, especially China and Malaysia. It is expected that there will be income from foreign tourism of 1.48 trillion baht, an increase of 23.6 percent per year. It has a positive impact on the tourism business and related fields. Must follow the measures to stimulate th e Chinese economy. Visa exemption for Chinese tourists Will it make it possible for Chinese people to travel to Thailand as planned? In addition, it is expected that merchandise exports will expand 4.2 percent per year. Imports will expand 4.0 percent per year, driven by private consumption. Continuously expanding at 3.3 percent per year, private investment is expected to expand at 3.2 percent, general inflation is 1.0 percent per year, while stability outside the country The current account balance in 2024 is likely to return to a surplus of 10 billion US dollars. or equivalent to 1.8 percent of GDP, but still worried about household debt. In the latest quarter of 3/2023, the outstanding balance was 16.2 trillion baht, accounting for 90.9 percent of GDP, even though the 2024 expenditure budget was released 7 months late. It is said that Disbursement can be made during this April. The government must continue investing in infrastructure. digital investment Invite foreign investors to invest in the country. Mr. Warothai Kosonphisitkul International Economic Advisor, FPO, said that the Ministry of Finance We still need to closely monitor important factors affecting the Thai economy, such as global geopolitical conflicts in various regions that may become more severe. It may be a constraint and affect the growth of the Thai economy, such as the strategic competition between China and the United States. Battle between Israel and Hamas the protractedness of the war Russian-Ukrainian Volatility in the global financial market from the implementation of monetary policy Strict conditions of main trading partners and problems with financial institutions in foreign countries, both the United States and Europe, including the election of national leaders in 2024, which occurred in the United States, Russia, and India, which are world economic powers. Source: Thai News Agency