Earlier in June, the office had estimated that industrial GDP for this year would expand by 0.0-1.0% while the manufacturing production index (MPI) would also expand by the same percentage.
However, due to several negative factors that have been affecting the country’s manufacturing, the OIE adjusted the industrial GDP estimation for 2023 to minus 1.5-2.5% and the MPI to minus 2.8-3.8%, OIE director-general Warawan Chitaroon said on Thursday.
She said among these factors, the leading one is the declining purchasing power of the agricultural sector, which has contracted by an average of 1.1% in the past three months.
Other negative factors include the global economic slowdown, financial problems of export partners, geopolitical conflicts, climate change’s impact on agricultural output, and high prices of energy as well as higher interest rates.
These factors have driven up the…
