THAILAND - BANGKOK. Thailand's Finance Ministry on Tuesday reduced its 2023 economic growth outlook to 3.6% from a previous forecast of 3.8%, on the expectation of an uptick in tourism accompanied by a fall in exports this year, an official said.
Exports, a key driver of Thai growth, are expected to drop 0.5% this year, compared with a previous forecast for a 0.4% rise as global demand slows, Pornchai Thiraveja, head of the ministry's fiscal policy office, told a briefing.
Southeast Asia's second-largest economy, however, will be underpinned by a pickup in the vital tourism sector and domestic consumption, he said.
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The economy expanded only 2.6% last year and the recovery has lagged that of other Southeast Asian nations, with the tourism sector just starting to rebound last year with 11.15 million foreign tourist arrivals.
The country is expected to receive 29.5 million foreign tourist arrivals this year, with the return of Chinese visitors, versus 27.5 million projected earlier, Pornchai said.
