© Reuters. FILE PHOTO: An aerial view shows a cityscape in Bangkok, Thailand January 27, 2023. REUTERS/Ilan Rosenberg/File Photo
BANGKOK (Reuters) – Thailand’s economy is expected to grow 2.8% this year, a sharp downgrade from a previous projection of 3.2%, the finance ministry said in a statement on Tuesday.
Gross domestic product (GDP) growth last year is seen at 1.8%, down from 2.7% seen earlier.
Foreign tourist arrivals in 2024 are forecast at 33.5 million, a decline from a previous expectation of 34.5 million.
Exports are expected to grow 4.2% this year from a previous forecast of 4.4%. Last year’s exports were projected to contract 1.5%.
The economy is expected to grow faster than last year due to higher exports, services and tourism arrivals, the statement said.
