The Fiscal Policy Office revised its forecast for this year's economic growth to 3.5%, down by 0.1%, due to a decrease of international tourism revenues and a slowdown in exports. The Fiscal Policy Office (FPO) has revised its forecast for this year's economic growth to 3.5%, down by 0.1%, due to a decrease in international tourism revenues and a slowdown in exports, said director-general Pornchai Thiraveja. He said during a press conference on the Thai economic outlook for 2023 that the economy will expand by 3.5%, down from the previous forecast of 3.6% in April, mainly due to lower estimated revenue from foreign tourists. As of June, 12.9 million foreign tourists had entered Thailand, with the annual target set at 29.5 million. With the budget for 2024 expected to be delayed by up to six months, this would affect the country's GDP this year by 0.05%, Mr Pornchai said.

Source: Bangkok Post July 27, 2023 06:57 UTC