Thailand to fall short of its Q4 GDP forecast
The Bank of Thailand (BOT) is to adjust downwards its gross domestic product (GDP) estimation for the fourth quarter of 2023, which it previously forecast to expand by 2.4%, citing several key sectors that had led to expected performance levels falling during the period.
BOT spokesperson Chayawadee Chaianant said on Wednesday that the export, industrial manufacturing and private investment sectors had all slowed down in the fourth quarter.
In addition, the tourism sector, while continuing to recover, had reported lower revenue than expected, she added.
Chayawadee said that due to these factors, the BOT would adjust downwards its Q4 2023 GDP estimation from 2.4% during the meeting of its Monetary Policy Committee next Wednesday (February 7).
She said it remains to be seen if the committee would adjust the estimation to the same level as that of the Ministry of Finance, at 1.8% expansion year on year.
Chayawadee added that the downward adjustment of the forecast GDP for Q4 2023 would likely result in a similar adjustment to the BOT’s GDP estimation for 2024, which has been set at 3.2%, noting that there have been changes in the factors driving the economic base.
