World Bank Governor's Statement No. 11 - October 13, 2023 - Statement by the Hon. Krisada Chinavicharana

Jul 19, 2026

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World Bank Governor's Statement No. 11 dated October 13, 2023 delivers Krisada Chinavicharana’s remarks as Governor of the IBRD for Thailand on behalf of Prime Minister and Minister of Finance Srettha Thavisin. The statement extends condolences to Morocco after a devastating earthquake, highlights global poverty and climate pressures, and outlines Thailand’s commitment to sustainable finance and climate action. It reviews global economic challenges, Asia’s relative resilience, Thailand’s medium-term growth drivers, and policy support through fiscal and monetary coordination, sustainability bonds, and the Thailand Taxonomy framework.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

Challenges on the global economy and financial sector

Asia’s economic outlook

Thailand’s contribution in global action

Climate and sustainability finance

Financial literacy and fiscal sustainability

Deliberation on the World Bank Group to create global impact

Public Disclosure Authorized Public Disclosure Authorized World Bank Governor's Statement No. 11 October 13, 2023 Statement by the Hon. KRISADA CHINAVICHARANA, Governor of the IBRD for THAILAND Statement by the Hon. Krisada Chinavicharana, Governor of the IBRD for Thailand on behalf of the Hon. Srettha Thavisin, Prime Minister and Minister of Finance First and foremost, I would like to extend my deepest condolences to the people of Morocco in the wake of the devastating earthquake that has brought about immeasurable loss and hardship. In times like these, we are all reminded that the strength and resilience of a global community is needed and that global action to achieve global impact is necessary. I would like to commend the Bank and the Fund for your endeavor over the past year tobe the center of global action when the world is confronted with diminishing strides in our battle against poverty, urgent climate crisis, food insecurity, fragility, a prolonged negative impact from the pandemic, and increasing wealth gap. I would like to express Thailand’s commitment to forge cooperation for the advancement of sustainable finance and climate action to complement the Bank and the Fund’s efforts to eradicate poverty on a livable planet. Challenges on the global economy and financial sector The global growth prospects for 2023 are expected to diminish due to persistent high inflationary pressures, more restrictive liquidity conditions, constrained fiscal capacity, along with mounting geopolitical tensions and economic fragmentation. The Fund projected global economic growth to fall from an estimated 3.5 percent in 2022 to 3.0 percent in 2023. In contrast to the weakening global economic outlook, this year, Asia’s economy remains a comparatively bright spot. Although global demand for technology products and other exports is declining, Asia's domestic demand has so far remained robust. Moreover, the tourism sector has shown a continuous recovery. These positive factors could underpin the Asia economy and offset the deterioration of exports. In this connection, I would like to assure you that the Thai Government will continue to support the economy through fiscal and monetary policies with close coordination among economic agencies. There is a pressing need for developing nations to assume a more significant role within international financial institutions. This is particularly crucial in addressing matters pertaining to enhancing fiscal sustainability and effectively mitigating the mounting challenges of high debt costs and the escalating risks of debt distress faced by developing countries. Thailand’s contribution in global action The Thai economy experienced significant growth in the first half of this year, mostly driven by the solid performance of private consumption and service exports. This strength aligns with consistently high employment and confidence indicators, particularly following the successful establishment of a government in Thailand, with the projection of growth at 3% this year. Over the medium and long term, we believe that our focuses are in line with the Climate Change Action Plan and the Evolution of the Bank, as well as the Paris climate goals and the UN Sustainable Development Goals (SDGs) . Our reform efforts address the growing need for investments and funding in climate-conscious, sustainable initiatives, while fostering collaboration and alignment in global endeavors related to sustainable finance. Thailand has been steadfast in issuing sustainability bonds and other ESG-linked instruments in the capital market since 2020. Additionally, we have established the'Thailand Taxonomy' framework to ensure that sustainable investment and financing adhere to international benchmarks. In terms of sustainable finance, we support investments in both physical and digital sustainable infrastructure. Roads, railways, aviation, and broadband are pivotal in positioning Thailand as a centr

FAQs

Who is the statement delivered by, and on whose behalf?

Krisada Chinavicharana, Governor of the IBRD for Thailand, speaks on behalf of Srettha Thavisin, Prime Minister and Minister of Finance.

What global challenges are emphasized in the statement?

It highlights diminishing global growth prospects due to high inflation, tighter liquidity, constrained fiscal capacity, geopolitical tensions, and economic fragmentation, alongside poverty and an urgent climate crisis.

How does Thailand describe its actions in sustainable finance and climate goals?

Thailand supports sustainable finance through sustainability bonds and ESG-linked instruments since 2020, uses the Thailand Taxonomy framework to align investments with benchmarks, and prioritizes climate-conscious initiatives and collaboration.

Jul 19, 2026

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