The lower-than-expected GDP growth for 2023 was due to the contraction in the industrial sector, especially in products related to automobiles, computers, and electronics, according to the Finance Ministry.
The final figures for the past year are expected to show exports contracting by 1.5%, influenced by the economic slowdown in key trading partners. Meanwhile, imports are projected to contract by 1.9%.
Despite these challenges, the Thai economy is expected to be supported by the tourism sector, which is experiencing significant expansion, and private consumption.
For this year, the Finance Ministry anticipates an accelerated economic growth of 2.8%, driven by various factors, including increased exports and the continued growth of the tourism sector. It is expected that the number of foreign tourists visiting Thailand will reach 33.5 million, representing a 19.5% increase, with…
