People buy street food at a market in Bangkok, Thailand, Oct. 2, 2023. Photo by Reuters
The Thai Ministry of Finance has lowered its 2026 economic growth forecast to 1.6% from the previously projected 2.0%, citing the impact of the conflict in the Middle East.
Addressing a press conference on April 28, Vinit Visessuvanapoom, director-general of Thailand’s Fiscal Policy Office, said exports – Thailand’s main growth driver – are expected to increase by 6.2% this year, higher than the 1.0% forecast in January.
In the tourism sector, Thailand has also revised down its forecast for international arrivals this year to 33.5 million, 2 million fewer than the previous estimate.
Its Ministry of Finance projects overall inflation at 3.0% this year, compared to the previous forecast of 0.3%. The central bank’s inflation target ranges between 1% and 3%.
Last year, Southeast Asia’s second-largest economy grew by 2.4%, below the regional peers.
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