The Office of the National Economic and Social Development Council (NESDC) has revised its GDP forecast for the year 2023, projecting a growth of 2.5% and to further expand by 2.7-3.7% in 2024.
Mr. Danucha Pichayanan, the Secretary-General of the NESDC, stated that the GDP growth in 2023 is a continuous trend from the 2.6% growth experienced in 2022. Headline inflation is estimated to be at 1.4 percent and the current account is projected to record a surplus of 1.0 percent of GDP.
At the end of September 2023, the international reserves stood at 210
billion US dollars and the public debt was at 11.13 trillion baht, accounted for 62.1 percent of GDP.
The assessment for GDP in 2024 has not calculated the data from the 10,000-baht digital handout scheme, pending consideration of the legality of a bill to borrow 500 billion baht to fund the project.
However, the NESDC emphasized the need to adjust the production and industrial structure, and to expand export markets to ensure steady growth.
Regarding tourism, the NESDC expects a significant influx of European tourists during the fourth quarter. However, there is a concern about ensuring that tourists stay longer and spend more within the country.
Looking forward to 2024, the economic direction foresees GDP growth in the range of 2.7%-3.7% (with the midpoint projection of 3.2%).
Meanwhile, export value of goods in US dollar terms is anticipated to expand by 3.8 percent. Headline inflation is estimated to be in the range of 1.7 – 2.7 percent and the current account is projected to record a surplus of 1.5 percent of GDP.
The government is advised to focus on market expansion for potential exports, and the Prime Minister is set to convene a meeting with trade envoys to explore new markets and boost income into the country. Additionally, attracting investment from large companies in the United States is considered a factor that could promote increased foreign investment.
The Budget Bureau is preparing plans for government agencies to expedite procurement processes, with the aim of signing contracts as soon as the budget is approved by the parliament to facilitate prompt disbursement of the investment budget in April 2024. (TNA)