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Thailand: Exports to grow amid global slump
Thailand’s exports are expected to reach nine trillion baht by the end of the year, before increasing further to 9.25 trillion baht next year, amid predictions of higher-than-expected economic growth, according to the Commerce Ministry.
Commerce Minister Jurin Laksanawisit said at a forum on Sunday that this year exports are on track to grow by 7% from last year’s total of 8.5 trillion baht, despite the grim world economic situation.
Mr Jurin was speaking at the Hmong Economic Leaders Forum 2022 which brought together leading figures of Hmong descent in the country. The forum in Chiang Mai was attended by more than 1,000 people.
The minister said dramatic changes to global economic conditions, in particular the ones brought on by the conflict in Ukraine, have prompted authorities worldwide to revise their outlook for next year.
In 2023, experts say the global economy looks set to grow only by 2.7%, down from 3.2% this year.
Meanwhile, Prime Minister Prayut Chan-o-cha is pleased with the World Bank’s Thailand Economic Monitor report, said government spokesman Anucha Burapachaisri.
It estimates that the country’s Gross Domestic Product (GDP) in the third quarter of this year would increase to 4.5%, even higher than around the same period in the year before the Covid-19 pandemic.
According to the report, overall economic growth for the whole of this year will be around 3.4%, higher than its earlier estimate of around 2.9%.
Next year, the economic recovery is expected to gain pace, with growth forecast to continue at around 3.6%, according to the report.
The growth will be sustained by tourism, improved investment flow, increased public consumption and a rise in employment.
Source: https://www.bangkokpost.com/business/2463490/exports-to-grow-amid-global-slump