World

Thai economy grows under 2% last year

Thailand's economy grew by 1.8% in 2023, down from the 2.6% year-on-year, as the manufacturing and export sectors contracted, the country’s Finance Ministry said on January 25.
Thai economy grows under 2% last year ảnh 1People shop at a supermarket in Thailand (Photo: VNA)
Bangkok (VNA) - Thailand's economy grew by 1.8% in 2023, down from the 2.6% year-on-year, as the manufacturing and export sectors contracted, the country’s Finance Ministry said on January 25.

As reported by the local news site The Nation, Fiscal Policy Office director-general Pornchai Thiraveja, who acts as the ministry’s spokesman, said economic figures from the last quarter of last year showed a contraction in the Manufacturing Production Index, which fell by 4.7% in November for 14 consecutive months. Several key products saw declines for many months in a row, including computers, cars, rubber, and plastics.

The ministry expects GDP growth at 2.8% this year as the country has seen increased exports of goods and services, the official said.

He said another factor to help boost economic growth this year will be the anticipated 33.5 million foreign tourist arrivals, 19.5% higher than last year. Tourism revenue has also been projected to rise by 23.6% annually to 1.48 trillion THB (41.47 billion USD).

In October 2023, the Fiscal Policy Office had forecast the country’s economy to expand by 2.7% for the entire year./.
VNA
#Thailand#manufacturing#export#economic growth#Thai economic growth#vietnam news agency#vietnamplus
Follow VietnamPlus

Related News

Thai economy continues to recover in June

Thai economy continues to recover in June

The Thai economic recovery remained on track in June, with the tourism sector expanding on higher foreign tourist arrivals and exports decreasing, according to the Bank of Thailand (BoT).
Global slowdown threatens Thailand’s growth

Global slowdown threatens Thailand’s growth

Although the Bank of Thailand (BoT)'s revised GDP growth forecast of 3.2-3.8% next year is possible, analysts are warning that an economic slowdown in China and the US means downside risks remain, while the effectiveness of the government’s stimulus to ignite the economy is questioned, local media reported.
Potential sectors to boost Thai economy

Potential sectors to boost Thai economy

The Federation of Thai Industries (FTI) forecasted that the country’s economy, particularly exports, will be driven by high-potential industries such as agriculture, food, cars and auto parts, as well as bio- circular and green (BCG) manufacturing.

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.