NESDC cuts 2024 growth forecast as Thai economy slows

The National Economic and Social Development Council has cut its 2024 growth forecast for Thailand’s economy following a disappointing 1.9% expansion in 2023.

The NESDC on Monday reduced its 2024 growth forecast to 2.2%-3.2%, from the 2.7%-3.7% predicted in November.

NESDC Secretary-General Danucha Pichayanan told a press briefing that Thailand’s GDP grew 1.7% in the fourth quarter of 2023, falling short of the 2.5% expansion predicted by a Reuters poll.