n its report on the economic and social situation, the National Economic and Social Development Council (NESDC) noted that the economy expanded by just 1.8% in the second quarter of this year, down from 2.6% in the first quarter, and is unlikely to grow by more than 2.5% and 3% this year, despite strong private consumption, continued recovery of the tourism sector, and sustained private and public sector investments.
The NESDC identified at least four major economic issues that Thailand will face this year.
1. Delayed budget preparation
The process of preparing the budget for fiscal 2024 is likely to be delayed, impacting the consideration and approval of legislation and regulations related to economic measures, especially those awaiting approval from the new government. The delay could affect business confidence, as the budget may not be approved until the third quarter of the…
