The Thai Finance Ministry has revised its economic growth outlook for 2023 to 3.5% from 3.6% due to weaker global demand for exports.
The ministry also predicts a 0.8% contraction in exports this year. However, the economy has been supported by increased domestic consumption and a recovery in the tourism sector.
The ministry maintains a forecast of 29.5 million foreign tourist arrivals this year. Inflation is projected to be 1.7% this year, down from 2.6% previously, and the exchange rate is forecasted at 34.01 baht per dollar.
The revised economic growth outlook for 2023 is expected to have an impact on various sectors of the Thai economy. In particular, industries that heavily rely on exports may see a slowdown in their growth rates. This could have implications for businesses involved in manufacturing, agriculture, and services that cater to international markets.
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