UTCC revises down Thailand’s 2023 economic growth forecast
The University of the Thai Chamber of Commerce (UTCC) cut its 2023 economic growth forecast for the country to 2.5% from the previous prediction of 3%, while anticipating a growth rate of 3.2% for 2024.
Bangkok (VNA) - The University of the Thai Chamber of Commerce (UTCC) cut its 2023 economic growth forecast for the country to 2.5% from the previous prediction of 3%, while anticipating a growth rate of 3.2% for 2024.
President of the UTCC Thanavath Phonvichai linked this adjustment to the third quarter’s lower-than-expected 1.9% GDP growth rate. The sluggish recovery of the Chinese tourist influx and the lack of a fiscal 2024 budget, among other factors, have impacted consumption and state investment, thereby contributing to the slump.
A consistent drop in stock levels, particularly in the industrial goods category, is another contributing factor. Producers’ uncertainty about demand for new products has led to production delays and the slow release of existing stock, according to Thanavath.
The UTCC predicted exports to shrink by 0.9% in 2023. It also forecast an inflation rate of 1.3%, household debt at 89.8% of GDP, and foreign tourist arrivals at 28 million.
In 2024, the university forecast the country to grow 3.2%. Exports are expected to grow by 3%, with the general inflation rate projected to be at 2%, household debt to decrease to 87.8% of GDP, and international tourist arrivals to reach 35 million.
Factors that will support the economy this year include a recovery in the tourism sector, continued expansion of private consumption, robust private sector investment, positive growth in exports, a stable inflation rate, and government stimulus measures to boost the economy./.
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Tourists in Thailand (Photo: Xinhua/VNA) 
