Mr. Pornchai Theeravech, Director of the Fiscal Policy Office and spokesperson for the Ministry of Finance stated that the Fiscal Policy Office has revised its forecast for Thailand's economic growth in 2023 from 3.6% to 3.5% (with a projection range of 3.0% to 4.0%). This adjustment is due to a decrease in Chinese tourists and a reduction in per capita spending per trip, leading to a forecasted tourism revenue from foreign visitors of 1.25 trillion baht, down from the previous estimate of 1.3 trillion baht. It is expected that Thailand will welcome approximately 29.5 million foreign tourists throughout 2023, representing a growth of 164.2% year-on-year.

Meanwhile, exports are expected to decline by 0.8% in dollar terms due to the tight monetary policies of major economies, including the United States and the European Union, which continue to impact Thailand's key trading partners.

Private sector investment is projected to grow by 2.6% as domestic economic confidence begins to improve in line with the overall economic direction. Public investment is expected to expand by 2.2%, partly due to delays in the preparation of the 2024 annual budget compared to the previous year.

As for private consumption, it is anticipated to grow by 2.6% as domestic economic confidence improves along with the overall economic trend. In terms of domestic stability, the general inflation rate is expected to be at 1.7%, as pressures from energy prices gradually ease.