13 Jan 2023 Thai Economy Thailand’s 2023 GDP growth projected at 3.7% due to China’s reopening (Business Brief No.3986) คะแนนเฉลี่ย คะแนนเฉลี่ย 5 stars 4 stars 3 stars 2 stars 1 star KResearch has upwardly revised our growth forecast for the Thai economy in 2023 to 3.7 percent, against the 3.2 percent projected before, thanks to the positive effects of China’s early reopening towards Thai tourism and exports. In 2023, we expect that the number of Chinese tourist arrivals in Thailand will reach approximately 4.65 million, helping bolster the number of international tourist arrivals to 25.5 million, or within a range of 24-26 million. Meanwhile, the overall Thai exports may shrink at only 0.5 percent as Thai shipments to China, particularly consumer products, are projected to record substantial growth despite the sluggish global economy. Such products are mainly food, including fresh and canned fruit, rice, chicken, shrimp and sugar, plus products required by the Chinese industrial and manufacturing sectors as China has relaxed its zero-COVID policy although these exports to China may grow at a slower rate than plastic pallets, chemicals, cassava products, rubber products and electronics because some manufacturing facilities have relocated from China in recent years. Additionally, China’s production sector and exports may not perform well in 2023. Regarding inflation, China’s decision to relax COVID-19 measures and reopen the country earlier than expected will likely support the overall commodity prices to stay at elevated levels for an extensive period of time despite pressure from the slowing global economy, especially the US and Eurozone. However, China’s reopening may not cause commodity prices in 2023 to accelerate as fast as in 2022 when they were chiefly driven by the Russia-Ukraine war. In a base case, we at KResearch expect that the Dubai crude oil price may average approximately USD90/barrel in 2023, a decline from the USD97/barrel reported for 2022. Inflation in Thailand will likely stand at about 3.2 percent in 2023 as producers are expected to transfer their costs to consumers in line with higher electricity and labor expenses. Domestic retail oil prices may not decline as fast as expected because of the relatively high Oil Fuel Fund deficit. View full article Login / Register Or Enter the code from the poll Annotation This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow. Thai Economy GDP Related Analysis View all 12 Mar 2018 Thai Economy Households are Cautious about Spending in 1Q18 According to a survey on household economic conditions for February, views of Thai households across the country toward economic conditions and the cost of living over the next three months remained unchanged. This is reflected in the 3-month Expected KR-ECI that was static at 47.1 in February. Households still had positive views toward income and employment, given the daily minimum wage rise slated for April 2018, while prices of some key agricultural produce, namely “Hom Mali” rice and cassava, have begun to increase. However, households were concerned about growing debt.... 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