Thailand's economy continued to improve in January and private sector spending increased

Peng Chai, director of the Finance and Economics Office of the Ministry of Finance of Thailand, said that the increase in private sector spending was becoming an important source of impetus for economic recovery. According to official data, private sector expenditure in January 2023 increased by 10.1% year-on-year and 2.1% month-on-month. In January, the consumer confidence index rose to 51.7 from 49.7 in December 2022, rising for 8 consecutive months, reaching a new high in 26 months. Domestic inflation pressure has been eased. The Ministry of Finance predicts that Thailand's economy will grow by 3%, exports will increase by 1% and inflation will be within the target range of 3% in 2023.