Thailand’s finance ministry on Wednesday lowered its projection for economic growth this year from 3.6% to 3.5% due to fewer income expectations from the tourism industry in light of dropping Chinese tourist arrivals.
The ministry previously anticipated that tourism revenue would exceed 1,3 trillion baht, but has now lowered its forecast to 1,25 trillion baht owing to changes in tourist behavior, particularly among Chinese tourists, after the pandemic.
Even so, the ministry still keeps the target of 29.5 million foreign tourists in place.
Thailand’s export prediction for 2023 was also reduced by the finance ministry, from -0.5% to -0.8%, and headline inflation is now predicted to be seen at 1.7% for the year, down from 2.6%.
The ministry forecasts a baht-to-dollar exchange rate of 34.01 in 2023.
