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☆ Thailand welcomes release of two more Thai hostages held by Hamas
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

"Happy to personally welcome 2 additional Thai hostages just released and arrived at the hospital in Tel Aviv," Parnpree, who is also deputy prime minister, posted on social media platform X. Nineteen Thai hostages have so far been released, while the foreign ministry says 13 more remain in captivity. A Thai Muslim group that spoke directly with Hamas said on Monday its efforts were key to ensuring Thai hostages were among the first to be released. A Thai foreign ministry spokesperson said multiple actors were consulted. The Thai citizens released are slated to return home this week as Parnpree visits Israel.

Persons: Parnpree Bahiddha, Eli Cohen, Uriel Bosso, Nukara, Parnpree, Orathai Sriring, Panarat, Tom Hogue, Martin Petty Organizations: Thai Foreign, Israeli, Hamas, Thomson Locations: Gaza, BANGKOK, Israel, Tel Aviv

☆ Thailand to lower 2023 growth forecast after weak Q3
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: 1 min

BANGKOK, Nov 27 (Reuters) - Thailand's previous 2023 economic growth forecast of 2.7% will be lowered after a weaker-than-expected third quarter, Deputy Finance Minister Krisada Chinavicharana said on Monday. Southeast Asia's second-largest economy expanded much slower than expected, at 1.5%, in the July-September quarter from a year earlier, the slowest this year, due to declining exports and government spending. For next year, while the ministry is aiming for economic growth of slightly higher than 3%, it will try to push for even more with upcoming government stimulus measures, he told reporters. The finance ministry's current forecasts are for 2.7% economic growth in 2023 and 3.2% growth in 2024. Reporting by Kitiphong Thaichreon; Writing by Orathai Sriring; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Krisada Chinavicharana, Kitiphong Thaichreon, Orathai Sriring, Kanupriya Kapoor Organizations: Thomson Locations: BANGKOK

☆ Thailand offers 10-year visas for investors in industrial east
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

Bangkok's skyline is photographed during sunset in Bangkok, Thailand, July 3, 2023. REUTERS/Athit Perawongmetha/File Photo Acquire Licensing RightsBANGKOK, Nov 24 (Reuters) - Thailand will offer 10-year visas for investors in targeted businesses in its industrial eastern region to attract foreign investment, a deputy prime minister said on Friday. The visa plan, which starts next year, will facilitate investors as the government seeks to ease restrictions, Phumtham Wechayachai told reporters. The government is also targeting higher overall actual investment of 500 billion baht ($14.23 billion) in the Eastern Economic Corridor (EEC) during 2023-2027, or 100 billion baht a year, he said. Actual investment in the EEC is now about 75 billion baht a year, Phumtham said.

Persons: Athit, Phumtham Wechayachai, Phumtham, Kitiphong Thaichareon, Orathai Sriring, Robert Birsel Organizations: REUTERS, Rights, Companies, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Southeast

☆ Thai economy in 'crisis' and needs major stimulus - PM
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

Speaking at a forum, Srettha said the economy was not in good shape with fewer foreign arrivals than targeted, and he would be prioritising attracting foreign investment and addressing household debt. "There needs to be big economic stimulus," said Srettha, who is also finance minister, adding a plan to tackle debt would be announced on Dec. 12. Thailand recorded 23.85 million foreign tourists arriving from Jan 1 to Nov. 19, spending 1 trillion baht. It is targeting 28 million arrivals versus a pre-pandemic record of nearly 40 million foreign tourist arrivals in 2019 who spent 1.91 trillion baht. In recent weeks, government officials have described the economy to be in a crisis, necessitating its signature plan.

Persons: Srettha Thavisin, Srettha, Sethaput Suthiwartnarueput, Orathai Sriring, Kitiphong, Satawasin, Chayut Setboonsarng, Martin Petty Organizations: Thai, Thais, Bank of Thailand, Thomson Locations: BANGKOK, Thailand, Southeast Asia's

☆ Thailand approves new, scaled down EV subsidy package - industry official
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

An electric car is seen while being charged during the opening of a PTT Pcl energy firm's commercial EV (Electric Vehicle) charging station, in Bangkok, Thailand, August 15, 2016. REUTERS/Jorge Silva/File Photo Acquire Licensing RightsBANGKOK, Nov 1 (Reuters) - Thailand on Wednesday approved a new subsidy package for electric vehicles, an industry official said, in a move to support EV sales in a top regional auto hub where battery-powered cars are steadily gaining traction. The new package approved by the National Electric Vehicle Policy Committee includes a lower subsidy than the current scheme ending this year, chairman of the Federation of Thai Industries, Kriengkrai Theinnukul, told reporters. EVs have enjoyed strong sales in Thailand this year, accounting for about half of all EV sales in Southeast Asia in the second quarter. Thailand currently offers a government subsidy of up to 150,000 baht ($4,100) per vehicle, but the amount could be brought down to 100,000 baht, a government official said last month.

Persons: Jorge Silva, Kriengkrai Theinnukul, EVs, Kitiphong Thaichareon, Orathai Sriring, Martin Petty Organizations: PTT, REUTERS, Rights, National Electric Vehicle, Federation of Thai Industries, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Southeast Asia, BYD

☆ Thai policy rate is right for now, Mideast war is a concern - c.bank chief
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +2 min

The central bank's growth forecast of 4.4% for 2024 will be revised if there is any change in the government's stimulus plan, he added. Sethaput said the Bank of Thailand is concerned about the fallout from the conflict in the Middle East. "A new factor that I'm quite wary about is Middle East problems as evaluating the impact of this risk is very difficult," he said, but added that the current policy rate is appropriate. The rate has been raised by a total of 200 basis points since August last year to rein in elevated inflation. ($1 = 36.11 baht)Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sethaput Suthiwartnarueput, Sethaput, Orathai Sriring, Kitiphong, Shri Navaratnam Organizations: Bank of, Bank, Thomson Locations: BANGKOK, Bank of Thailand, outflows

German Chancellor Olaf Scholz's coalition unveiled in July a strategy toward de-risking Germany's economic relationship with China, calling Beijing a "partner, competitor and systemic rival". German investment in Asia excluding China is rising as a share of overall investment. "No company is going to say that it will leave China," said Sandra Ebner, senior economist at Union Investment, Germany's second-largest fund manager. "But what companies are increasingly doing is to produce in China for China and to position themselves around China for the remaining Asian or global market." In July, German Economy Minister Robert Habeck travelled to India with a delegation of executives to discuss opportunities for German companies.

Persons: Thomas Nuernberger, Nuernberger, Olaf Scholz's, Volker Treier, Munk, Ferdinand Munk, Scholz, Angela Merkel's, Martin Brudermueller, Max Zenglein, Juergen Matthes, Markus Horn, Matthias Bianchi, Joe Biden, Wolfgang Niedermark, Jan Roennfeld, Roennfeld, Sandra Ebner, BDI's Niedermark, Robert Habeck, Christoph Steitz, Sarah Marsh, Maria Martinez, Aditya Kalra, Sarita Chaganti Singh, Xinghui, Orathai, Brenda Goh Organizations: Reuters, Commerce and Industry, Volkswagen, Mercedes, Benz, BASF, IW Institute, Big, Mercator Institute for China Studies, Economic Institute, Horn, German Association of, Indonesian Chamber of Commerce, Union Investment, Thomson Locations: FRANKFURT, BERLIN, Berlin, Beijing, China, Taiwan, India, Asia, Germany, Europe, Vietnam, South Korea, Indonesia, South China, European, Thailand, United States, Mexico, Indonesian, Eastern Germany, Malaysia, Frankfurt, New Delhi, Xinghui Kok, Singapore, Bangkok, Shanghai

[1/2] Thailand's Prime Minister Srettha Thavisin arrives at Beijing Capital International Airport to attend the Third Belt and Road Forum in Beijing, China, October 16, 2023. "And if you look at the month-by-month statistics, Chinese investments are still increasing," he told Reuters. "So I see that in the next two or three years, Chinese investments will still increase drastically in Thailand." But a large proportion of the 228 Chinese investments proposals this year have come in the electronics sector, according to the BOI. Chinese investments will likely continue for the next two years, Jareeporn said.

Persons: Srettha Thavisin, Tingshu Wang, General Narit Therdsteerasukdi, Srettha, Xiaomi Corp's, Alain Lam, Narit, Jareeporn Jarukornsakul, Jareeporn, Chayut, Shri Navaratnam Organizations: Thailand's, Beijing Capital International Airport, Forum, REUTERS, Rights, of Investment, Investment, Reuters, Thai, Initiative, HK, Toyota, Isuzu Motors, WHA, Thomson Locations: Beijing, China, Rights BANGKOK, Thailand, Singapore, Southeast Asia's, Thailand's, Thai

☆ Thai court denies bail for lawyer who called for monarchy reforms
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +2 min

[1/2] Arnon Nampa, a prominent activist and former human rights lawyer, speaks to media ahead of a Thai criminal court's verdict in a case of allegedly having insulted the monarchy, at the criminal court in Bangkok, Thailand, September 26, 2023. REUTERS/Athit Perawongmetha/File Photo Acquire Licensing RightsBANGKOK, Sept 30 (Reuters) - A Thai court denied bail on Saturday for an activist lawyer sentenced to four years in prison for royal insults, his lawyer said, in one of the Southeast Asian country's highest-profile lese-majeste cases. Human rights lawyer Arnon Nampa, 39, is widely known for a speech during pro-democracy protests in 2020 when he broke taboos by calling for public debate on the role of Thailand's powerful king. The Appeal Court read out an order on Saturday rejecting Arnon's bail request due to concerns that "if bail was given he would escape", said his lawyer, Krisadang Nutcharus. Krisadang said he would consult with Arnon on whether to make another bail request or appeal the order to the Supreme Court.

Persons: Arnon, Athit, Arnon Nampa, Krisadang, Thailand's, Prayuth Chan, Panarat Thepgumpanat, Orathai Sriring, William Mallard Organizations: REUTERS, Rights, Supreme, Thomson Locations: Arnon Nampa, Bangkok, Thailand, Rights BANGKOK

☆ Thai economy may grow as forecast this year - deputy finmin
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Colorful umbrellas are seen in a restaurant as tourists enjoy a beach in the island of Phuket in Thailand January 19, 2023. REUTERS/Jorge Silva/File Photo Acquire Licensing RightsBANGKOK, Sept 8 (Reuters) - Thailand's economy may grow as forecast this year, helped by public consumption and investment after the formation of a new government, Deputy Finance Minister Krisada Chinavicharana said on Friday. The ministry has forecast economic growth of 3.5% this year. The new government led by Prime Minister Srettha Thavisin, who is also finance minister, is seeking to revive Southeast Asia's second-largest economy and deliver on key campaign promises after an election in May. Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Jorge Silva, Krisada Chinavicharana, Srettha Thavisin, Kitiphong Thaichareon, Orathai Sriring, Kanupriya Kapoor Organizations: REUTERS, Rights, Southeast, Thomson Locations: Phuket, Thailand, Rights BANGKOK

Pheu Thai's Srettha Thavisin attends a press conference, after Thailand's parliament voted in favour of his prime ministerial candidacy, in Bangkok, Thailand August 22, 2023. "The picture is not all wine and roses," Thailand's central bank chief Sethaput Suthiwartnarueput said in recorded remarks played on Wednesday. Tourism, a major driver of the Thai economy, has managed a robust recovery, although arrivals and tourist spending are still below pre-pandemic levels, data shows. $96 BLN BUDGETIn this first address since winning office, Srettha on Wednesday vowed to provide solutions to fix Thailand's economy, among other measures, and manage the budget transparently. But its ability to execute will depend on the military backers that Pheu Thai has allied with to be able to form a government.

Persons: Pheu, Srettha Thavisin, Chalinee, Sethaput Suthiwartnarueput, Kobsidthi Silpachai, Srettha, Goldman Sachs, Poon Panichpibool, Sanan Angubolkul, Orathai Sriring, Christina Fincher Organizations: REUTERS, Rights, Tourism, Krung Thai Bank, Thai Chamber of Commerce, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Asia's, China, Thai

Southeast Asia's second-largest economy has been hobbled by slackening global growth, led by its main trading partner China and falling investor confidence due to a protracted period without a government following elections in May. On a quarterly basis, GDP rose a seasonally adjusted 0.2% in the June quarter, also sharply under a forecast rise of 1.2%. The global demand weakness prompted the government to cut its 2023 GDP growth forecast to between 2.5% and 3.0% from a range of 2.7% to 3.7%. As weak global demand crimps exports, Thailand's economy has been supported by its vital tourism sector and private consumption growth. It projected exports to drop 1.8% in 2023 versus an earlier forecast for a 1.6% fall.

Persons: Danucha Pichayanan, Pheu, Srettha Thavisin, Danucha, Orathai Sriring, Kitiphong, Martin Petty Organizations: China, National Economic, Social Development Council, Thomson Locations: BANGKOK, Thailand

Former Thai Prime Minister Thaksin Shinawatra looks on as he speaks to Reuters during an interview in Singapore February 23, 2016. Also scheduled for Tuesday is another parliamentary vote for prime minister, to be nominated by the Thaksin-backed Pheu Thai Party. Some analysts said Thaksin's return suggests Pheu Thai has reached a deal with political parties on forming a government after gaining support from military-backed parties. Pheu Thai, set to nominate real estate tycoon Srettha Thavisin, needs the support of more than half the bicameral legislature, including the military-appointed Senate. The party on Thursday gained support from a rival military-backed party after a lawmaker from another military-backed party said they would support Pheu Thai in overcoming the impasse.

Persons: Thaksin Shinawatra, Edgar Su, Thaksin, Thaksin's, Paetongtarn Shinawatra, Surachate Hakparn, Thanaporn Sriyakul, Srettha Thavisin, Orathai Sriring, William Mallard Organizations: Thai, Reuters, REUTERS, BANGKOK, Thaksin, Thai Party, Political Science Association of Kasetsart University, Thomson Locations: Singapore, Thailand, Muang, Pheu

[1/2] People walk outside the parliament, after Thailand's constitution court ordered the temporary suspension of the Move Forward Party's leader Pita Limjaroenrat from the parliament, in Bangkok, Thailand, July 19, 2023. REUTERS/Chalinee ThirasupaBANGKOK, July 20 (Reuters) - Thailand's parliament will hold another vote for a prime minister next week which cannot include the leader of election winners Move Forward, a deputy speaker said on Thursday, after rivals derailed his bid by blocking his re-nomination. "A candidate can only be nominated once in each parliamentary session," Deputy House Speaker Pichet Chuamuangphan told Reuters on Thursday. It is widely expected that real estate tycoon and political newcomer Srettha Thavisin from Move Forward's alliance partner Pheu Thai will be nominated for premier for the July 27 vote. "The eight parties are together, if there is a resolution for Pheu Thai to lead, then the party has to choose who to nominate," Srettha told reporters.

Persons: Pita Limjaroenrat, Parliament's, Pichet Chuamuangphan, Pita, Srettha, Pheu, Jetn Sirathranont, Thitinan, manoeuvred, Panarat Thepgumpanat, Chayut, Orathai, Panu, Kanupriya Kapoor, Martin Petty Organizations: REUTERS, Reuters, Constitutional, Senate, Chulalongkorn University, Thomson Locations: Bangkok, Thailand, BANGKOK

After a meeting with the alliance, Pita said his re-nomination for prime minister could not be blocked by the Senate. However, Pita added that if he failed again he would let Move Forward's ally, the Pheu Thai party, "take action". At the weekend, he raised the prospect of a political ally leading the new government if he failed to become prime minister. Pheu Thai won the second-largest share of votes in May's election. One of its prime ministerial candidates, real estate magnate Srettha Thavisin, could be nominated for the next leader in the third vote for prime minister, if any.

Persons: Wednesday Pita, Pita Limjaroenrat, Pita, Pheu Thai, Srettha Thavisin, Orathai Sriring, Panarat, Kanupriya Kapoor, Alex Richardson Organizations: Wednesday, Senate, Constitutional, Thomson Locations: BANGKOK, Thailand's, Thai, May's, Pita

☆ Thai consumer confidence at 40-mth high in June but politics a worry
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, July 13 (Reuters) - Thai consumer confidence rose for a 13th straight month in June, reaching its highest in nearly 3-1/2 years, bolstered by a recovery in tourism despite concerns over political uncertainty, a survey showed on Thursday. The consumer index of the University of the Thai Chamber of Commerce rose to 56.7 in June from 55.7 in May. Thailand has long been a popular destination for foreign tourists, receiving nearly 40 million visitors in pre-pandemic 2019. "Consumer confidence has improved steadily because of the tourism sector, but consumers are very worried about political impacts," Thanavath Phonvichai, president of the university, told a briefing on the consumer survey that determines the index. "Politics will have an impact on the economy if there is a violent protest and a delay in forming a government," he said.

Persons: Phonvichai, Limjaroenrat, Pita, Orathai Sriring, Tom Hogue Organizations: University of, Thai Chamber of Commerce, Thomson Locations: BANGKOK, Thailand, Bangkok

[1/8] Move Forward Party Leader Pita Limjaroenrat poses for a picture on the day of voting for a new prime minister at the parliament, in Bangkok, Thailand, July 13, 2023. One senator resigned on Wednesday, lowering the threshold to 375 votes to become prime minister. "I'm confident that I will do my best to match the hopes and encouragement from the people," Pita told reporters. Political uncertainty has pulled Thailand's main stock index (.SETI) down about 11% so far this year. More turbulence can be expected if Pita cannot prevail in the vote given Move Forward's massive support from young voters and its popularity in the capital.

Persons: Pita Limjaroenrat, Pita, Pheu, ThaiRath, Panarat Thepgumpanat, Panu, Martin Petty, Lincoln, Kanupriya Kapoor Organizations: REUTERS, Senate, Thai, Constitutional, Thomson Locations: Bangkok, Thailand, BANGKOK, Southeast Asia's

[1/4] People take pictures of ice creams shaped like tiles of the famous Wat Arun temple, or Temple of Dawn, in Bangkok, Thailand July 8, 2023. REUTERS/Athit PerawongmethaBANGKOK, July 12 (Reuters) - Under a scorching sun, visitors to Thailand's renowned Temple of Dawn cool down by tasting an elaborately-shaped ice cream depicting intricate patterns inspired by the tiles of the pagoda. "It's different and pretty," said Thai resident Doungkamon Koedthong, 29, holding up the ice cream against the backdrop of the temple, also known as Wat Arun, for an Instagram-worthy snapshot. The ice cream, with butterfly pea coconut milk and Thai milk tea favours, was modelled after the blue ceramic plates and flower details of the pagoda, said ice cream maker Pop Icon. The 'Flower of Dawn' ice cream is also popular among foreign visitors seeking some respite from the heat in Bangkok.

Persons: Doungkamon Koedthong, Wat Arun, Sirinya Hanpachearnchoak, Sherin Babu, Artorn Pookasook, Orathai Sriirng, William Maclean Organizations: REUTERS, Thomson Locations: Wat, Bangkok, Thailand, BANGKOK, Manchester, England

☆ Hundreds gather to show support for Thailand's Pita ahead of vote for PM
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, July 9 (Reuters) - Hundreds of supporters of Thailand's leading prime ministerial candidate Pita Limjaroenrat rallied in the capital on Sunday ahead of a parliamentary vote for a new prime minister next week. He now needs to secure support from an unelected Senate to become the premier to replace incumbent Prayuth Chan-ocha in the vote set for July 13. Pita said talks with senators were being held and that they should not vote against the will of the people. "We're asking them to vote for democracy, for the majority, and to return normalcy to Thai politics, so we can finally move forward," he told orange-clad supporters on Sunday. Reporting by Juarawee Kittisilpa; Writing by Orathai Sriring; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Thailand's, Pita Limjaroenrat, Pita, Thais, Prayuth Chan, Jaturong Soisri, Juarawee Kittisilpa, Orathai Sriring, Hugh Lawson Organizations: Party, Thomson Locations: BANGKOK

Only Cambodia has so far officially confirmed it intended to attend the talks. Myanmar's junta spokesman could not be reached for comment on Sunday. Thailand's foreign ministry was tight-lipped about exactly who was attending the two-day gathering in the resort town of Pattaya, for which outgoing Foreign Minister Don Pramudwinai sent invitation letters just four days before its start. Cambodian Foreign Minister Prak Sokhonn was to attend the meeting, his government said in a statement on Friday. Vietnam's government said its foreign minister would not attend "due to a prior engagement".

Persons: Nobel, Aung, Myanmar's, Swe, Don Pramudwinai, Don, Prak Sokhonn, Vivian Balakrishnan, Nantiwat Samart, Suu Kyi's, Panu, Phuong Nguyen, Ananda Teresia, Stefanno Sulaiman, Poppy McPherson, Devjyot, Kay Johnson, William Mallard Organizations: Association of Southeast Asian Nations, ASEAN, Reuters, Cambodian, Nation TV, National Unity Government, Thai, Ananda, Thomson Locations: BANGKOK, Cambodia, Suu, Thailand, Pattaya, Myanmar, Indonesia, Singapore, Thai, ASEAN, Malaysia, Philippines, Bangkok, Hanoi, Kuala Lumpur, Jakarta, Shoon

Southeast Asia's second-largest economy expanded faster than expected in the first quarter of this year due to a revival in its vital tourism sector. Arkhom said revenue collection also showed strong signs of recovery in the 2022 fiscal year and was expected to surpass the pre-pandemic level in the 2023 fiscal year. "I'm confident that Thailand is firmly heading towards full recovery and soon return to its vibrant economy," he added. Thailand's public debt rose due to the pandemic response, but overall fiscal risks remain manageable, the bank said. Reporting by Orathai Sriring and Kitiphong Thaichareon; Editing by Martin Petty and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Thailand says 1 million Chinese tourists visited from January to mid-May
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, May 28 (Reuters) - Thailand received one million Chinese tourists between January and May 18, a government official said on Sunday, after China's border reopening. The government expects the number of Chinese visitors to meet its target of 5 million this year, with spending of 446 billion baht ($13.18 billion), government spokesperson Anucha Burapachaisri said in a statement. Last year, about 274,000 Chinese tourists visited the Southeast Asian country, compared with 11 million in pre-pandemic 2019, or about 28% of the total. Overall foreign tourist arrivals were 9.47 million from January to mid-May, the government earlier said, compared with the 11.15 million visitors in the whole of 2022. ($1 = 33.85 baht)Reporting by Panarat Thepgumpanat; Writing by Orathai Sriring; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Thai Q1 GDP grows 2.7% y/y, beats expectations
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

BANGKOK, May 15 (Reuters) - Thailand's economy expanded 2.7% in the first quarter from a year earlier, official data showed on Monday, faster than expectations, as private consumption and tourism rebounded. On a quarterly basis, Southeast Asia's second-largest economy grew a seasonally adjusted 1.9% in the March quarter, data from the National Economic and Social Development Council showed. Economists in a Reuters poll had expected gross domestic product (GDP) to expand 2.3% year-on-year and 1.7% quarter-on-quarter. Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

The NESDC kept its 2023 GDP growth forecast unchanged at between 2.7% and 3.7%. It also kept its forecast for 2023 foreign tourist arrivals at 28 million. Thailand beat its tourism target in 2022 with 11.15 million foreign visitors. Pre-pandemic 2019 saw a record of nearly 40 million foreign tourists, who spent 1.91 trillion baht ($56 billion). The NESDC also kept its 2023 forecasts for goods exports to drop 1.6% and headline inflation to be between 2.5% and 3.5%.

☆ Thai Q1 GDP growth beats forecast
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

Southeast Asia's second-largest economy grew 2.7% in the January-March period from a year earlier, data from the National Economic and Social Development Council (NESDC) showed. Economists in a Reuters poll had expected gross domestic product (GDP) to expand 2.3% year-on-year in the January-March period after increasing 1.4% in the previous three months. On a quarterly basis, GDP rose a seasonally adjusted 1.9% in the March quarter, versus a forecast rise of 1.7%. Fourth quarter GDP in 2022 was revised to a 1.1% contraction, from a earlier 1.5% fall. The NESDC kept its 2023 GDP growth forecast at 2.7% to 3.7%.

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