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Thailand's private economic group JSCCIB sees 3-3.5 pct GDP growth for 2023

BANGKOK
2023-03-02 12:28

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BANGKOK, March 2 (Xinhua) -- Thailand's private economic group the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has projected the country's economy to expand between 3 percent and 3.5 percent this year, hoping tourism recovery would pick up the slack of weak exports.

Given the global economic slowdown, the JSCCIB trimmed its forecast for Thailand's exports, expecting exports to fall 1 percent or show no growth this year, compared with its previous projection of 1-2 percent growth.

On a quarterly basis, the Southeast Asian country's economy shrank 1.5 percent in the final quarter of 2022 from the third quarter as a decline in exports weighed on growth.

The Thai economy expanded 2.6 percent year on year in 2022, accelerating from a 1.5 percent expansion in 2021, according to data from the Office of the National Economic and Social Development Council.

The JSCCIB expected the country's economic performance to further recover this year, supported by the return of Chinese tourists.

It expected the country to welcome a total of 25 to 30 million tourist arrivals this year, up from a prediction of 22 million it made in January.

The JSCCIB advised the government to continue to stimulate domestic demand, accelerate government investment and boost local tourism to offset the weak export.
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