Asian Development Bank lowered its forecast of Thai economic for 2023 due to global slowdown to 2.5%. But positive outlook for Asia with 4.9% growth. Inflation expected to decline.
**Asian Development Bank Revises Forecast for Thai Economy in 2023**
The Asian Development Bank (ADB) has revised its forecast for the Thai economy in 2023, lowering it from 3.5% to 2.5% due to the global economic slowdown. This adjustment reflects the challenges posed by current global economic conditions on Thailand’s economic growth. However, the regional economy is expected to grow by 4.9% this year, compared to the previous forecast of 4.7% in September, as per the Asian Development Outlook (ADO) December 2023.
**Key Takeaways from the ADO December 2023**
Developing Asia’s growth forecast for 2023 is revised up to 4.9%, driven by strong domestic demand, indicating a positive outlook despite global challenges. Inflation in the region is expected to decline to 3.5% in 2023, but potential supply disruptions and higher price pressures in certain countries may slightly increase inflation to 3.6% in 2024.
**Outlook for Different Regions in Asia**
As per the ADO December 2023, the outlook for developing Asia remains positive, with a growth forecast of 4.9% for 2023 and 4.8% for 2024. Inflation forecasts vary across regions, with some upward revisions and downward adjustments. Various regions within Asia, including Southeast Asia, East Asia, and South Asia, are experiencing differences in growth forecasts, reflecting the complex and varied economic environment.
Source : ADB lowers its economic growth forecast for Thailand in 2023 from 3.5% to 2.5%
