Thailand’s Economic Growth Target for 2023

BANGKOK (Reuters) – Thailand is targeting economic growth of 3.5% this year, supported by tourism, foreign investment, and government stimulus, as stated by a deputy finance minister on Friday.

Julapun Amornvivat expressed dissatisfaction with the current 3.0% growth and emphasized the need for improved efficiency to reach the 3.5% target. He mentioned that the 2024 GDP growth is estimated between 2.7% to 2.8%, with official data due on February 17.

The upcoming phase of the government’s cash handout program will commence next quarter, distributing another 150 billion baht (approx. $4.5 billion) into the economy.

“This is a huge sum of money directly injected into the economy,” Julapun noted. The digital wallet scheme provides 10,000 baht (approx. $300) each to about 45 million people for local spending within six months; around 17.5 million people have received payments since its initiation last September.

Further government initiatives to boost growth include plans for public housing for low-income earners and the expansion of universal healthcare. Julapun anticipates increased foreign investment in new industries to contribute to growth.

Thailand is crafting a strategic plan to attract investments in the semiconductor and printed circuit board industries, especially in light of the renewed trade war initiated by U.S. President Donald Trump.

“When a giant moves, the entire house shakes,” he remarked, in reference to Trump’s return to office.

($1 = 33.66 baht)