Thailand’s economy forecast to see better recovery in 2023 (Photo: eastasiaforum)Bangkok (VNA) – Thailand'seconomic growth slowed in the fourth quarter of 2022 as reduced exports and factoryactivity, together with tightening monetary conditions, curbed privateconsumption, according to a recent Reuters poll of economists.
As mentioned by medianforecast of 19 economists polled from February9-15, growth in Southeast Asia's second-largest economy was forecast at 3.5% year-on-year in theOctober-December period, down from 4.5% growth in the prior quarter.
The survey showed, on aquarterly basis, the country's gross domestic product (GDP) was forecast to have grown a seasonally-adjusted0.5%, a significant slowdown from 1.2% in the previous quarter. The official data will be releasedon February 17.
A separate Reuters poll found, the Thai economy wasexpected to grow 3.7% this year and 3.8% in 2024, before slowingto 3.2% in 2025.
Bansi Madhavani, senior economist at ANZ,said China'sborder reopening should provide renewed impetus for Thailand's recovery in 2023and help offset some of the weakness from the goods export sector.
He revealed that firmergrowth will in turn give the Bank of Thailand (BoT) some scope to continue its path ofgradual monetary policy normalisation.
TheBOT has raised rates by a total of 100 basis points since August to 1.5%,though the tightening cycle has been less aggressive than that of many of itspeers as Thailand's economic recovery has lagged other Southeast Asian nations.
A majority of economists in the Reuters pollexpected the BoT to implement another modest rate hike at its policymeeting on March 29./.
