BANGKOK, Aug. 21 – The NESDB cuts 2023 GDP growth by 2.5-3 percent and recommends accelerating the 2024 budget injection for the time being after the government is delayed. Recommend facilitating European tourists, India, sticking to China's economic problems. Fear of household debt problems
Mr. Danucha Pichayanan, secretary-general of the National Economic and Social Development Council (NESDB), said that the 2023 GDP growth forecast was cut by 2.5-3 percent from the previous 2.7-3.7 growth due to the global economic slowdown. one Delay in disbursement of the budget has been a problem with the establishment of the government. global economy slows down Affecting exports that have been negative for many consecutive months. Global Policy Interest still high Export value in terms of US dollar declined by 1.8 percent. Private consumption growth of 5 percent, government consumption is negative -3.1 percent, total investment will be 1.6 percent, and headline inflation averages in the range of 1.7 - 2.2 percent. The current account surplus is 1.2 percent of GDP.
4 Budgeting agencies, consisting of the Treasury, the NESDB, the BOT, and the Bureau of the Budget, are preparing to propose to the Cabinet to approve the calendar for disbursement of the budget, both fixed budget and investment budget, expected to be released into the system at and state enterprise investment budget disbursed according to the calendar year until the end of this year, amounting to 1.4 billion baht and state enterprises investing another 50 billion baht in the fiscal year to disburse investments during April 2024 in the Ministry of Finance Accelerate the search for new funding sources to support the ongoing budgetary project of state enterprises. As for the Board of Directors, the NESDB has approved the binding investment project. Waiting to be proposed to the cabinet to consider injecting money into the system of 100 billion baht
At this time, foreign investors are waiting for the government to be established. After voting for Prime Minister on August 22, he suggested taking care of the drought problem. revitalize the crop insurance program to reduce costs and take care of disasters for farmers Accelerating the search for new export markets both border trade middle east countries Accelerate the facilitation of tourism in both Europe and India to replace Chinese tourists. because the economy is slowing down Accept the household debt burden of 16 trillion baht, 90.06 percent of GDP is still worried. The new government must find measures to take care of it. because of domestic consumption It is also an important engine to drive the economy.
The NESDB revealed GDP in the second quarter of 2023 grew by 1.8 percent, lower than expected. Exports contracted by 5.8 percent, a continuous contraction for several months. Money transfers from the government to help during the COVID period are gone. thus affecting public spending Overall investment grew by 0.4 percent from the first quarter's growth of 3.1 percent, exports in the first half of the year were negative by 5.0 percent, income from tourism was estimated at 180 billion baht.-Thai News Agency
Source: Thai News Agency