2023-05-16 08:01:00
A government spokesman reveals that the Cabinet acknowledged the Thai economy in the first quarter of 2023 and the outlook for 2023 that will expand in all aspects. The main supporting factor is the recovery of the tourism sector. The continued expansion of domestic consumption
Today (May 16), Mr. Anucha Burapachaisri, Deputy Secretary-General to the Prime Minister for Political Affairs acting as spokesperson for the Prime Minister’s Office Cabinet Resolution Statement (May 16, 2023) Acknowledged the Thai economy in the first quarter of 2023 and the outlook for 2023 by the Office of the National Economic and Social Development Council, the essence of which is as follows:
1. The Thai economy in the first quarter of 2023 expanded by 2.7 percent, accelerating from a 1.4 percent expansion in the previous quarter.
1.1 Expenditures Exports of services and private consumption grew at a high rate. Private investment and public investment continued to expand. private consumption a high growth of 5.4 percent, continuing from 5.6 percent in the previous quarter Expenditure in the service category increased by 11.1 percent in line with the expansion of spending in hotels and restaurants. durable goods category Non-durable goods grew by 2.3 percent, total investment grew by 3.1 percent, private investment grew by 2.6 percent and public investment grew by 4.7 percent, accelerating from 1.5 percent in the previous quarter. Previously, government and state enterprise investment grew by 6.9 percent and 1.8 percent, respectively.
1.2 International trade
– Merchandise exports – valued at 69,806 million US dollars, down 4.6 percent compared to a 7.5 percent drop in the previous quarter. The products with lower export value, such as chemicals and petroleum chemicals automotive equipment parts Computer parts and accessories, rubber, for products with increased export value, such as parts for electrical appliances, passenger cars, pick-up trucks and trucks. air conditioner While the export of products to the main market decreased. But exports to the Middle East market. India and the UK expand
– Imports of goods – worth 66,860 million US dollars. expanded by 1.3 percent, compared to a 0.3 percent decline in the previous quarter.
– On the production side, agriculture, forestry and fisheries expanded by 7.2 percent, while the agricultural price index dropped for the first time in four quarters at 1.3 percent, with agricultural products that the price index dropped, such as rubber. palm oil. However, prices of several major agricultural products increased, such as paddy, cassava and broiler As a result, the overall farm income index expanded for the fifth consecutive quarter at 6.2 percent in the hotel accommodation and food service sectors. expanding continuously at a high rate of 34.3 percent with 6.478 million foreign tourists traveling to Thailand, the value of tourism services received at 304 billion baht, a 7th consecutive quarter increase of 300 percent 4. Revenue from Thai tourists amounted to 195 billion baht, resulting in total revenue from tourism in this quarter of 0.499 trillion baht, an increase of 126.7 percent in the wholesale and retail sector. Repair of motor vehicles and motorcycles increased for the 8th consecutive quarter by 3.3 percent. Industrial production dropped by 3.1 percent in line with a decrease in production for export and production for domestic consumption. Electricity and gas sectors Steam and air conditioning systems decreased by 4.2 percent.
– economic stability The unemployment rate was 1.05 percent, lower than 1.15 percent in the previous quarter. Headline inflation averaged 3.9 percent and core inflation averaged 2.2 percent for a current account surplus of US$ 4.0 billion. And international reserves at the end of March 2023 were 220 billion US dollars. Public debt at the end of March 2023 was 10,797,505.5 million baht, or 61.2% of GDP.
2. The Thai economy in 2023 is expected to expand in the range of 2.7 – 3.7 percent, with the main supporting factor coming from recovery of the tourism sector The continuous expansion of domestic consumption is expected to grow by 3.7 percent in private consumption, 1.9 percent and 2.7 percent in private investment and 2.7 percent respectively. Goods in terms of US dollars fell by 1.6 percent, average headline inflation was in the range of 2.5 – 3.5 percent, and the current account balance was a surplus of 1.4 percent of GDP.
3. Economic Management Issues in 2023 Macroeconomic policy management for the remainder of 2023 will focus on
(1) Driving the export sector, such as accelerating exports to markets with good economic growth prospects and creating new markets. Follow up and monitor and assess the impact of the global economic and financial volatility. Taking advantage of the Regional Comprehensive Economic Partnership (RCEP) framework to enhance the competitiveness of the export sector, etc.
(2) Promotion of private investment such as accelerating the entrepreneurs who have been approved and issued investment promotion certificates during the year 2020 – 2022 to make real investment. Proactive investment promotion in targeted industries and services investment promotion in the Eastern Special Development Zone, etc.
(3) Supporting the recovery of tourism and related services, such as problem solving and preparation for the increase in the number of foreign tourists High quality tourism development promoting domestic tourism and encouraging Thai people to travel more in Thailand, etc.
(4) Supervision of agricultural production and farm income Emphasis will be placed on preparation of measures to support agricultural products that will be released in the market during the 2023 / 2024 crop season, along with preparing to cope with and solve problems that may arise from weather fluctuations. problems of agricultural raw material costs that are still at a high level, etc.
(5) maintaining the domestic economic and political climate during the post-election period;
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