The Office of Industrial Economics (OIE) anticipates a contraction between 4% to 4.5% in the Thai Manufacturing Production Index (MPI) this year due to less-than-projected tourism growth and geopolitical conflicts impacting the global economy. In contrast, the MPI was projected to shrink by 2.8% to 3.8% in July.
The OIE further predicts a contraction of 2.5% to 3% in the industrial sector’s GDP this year. Director-General of the OIE, Warawan Chitaroon, attributes these projections to a slower recovery in tourism, fluctuating exports, and ongoing geopolitical conflicts, including the wars in Israel and Ukraine.
According to the Federation of Thai Industries’ Automotive Industry Club, continued conflicts in the Middle East may slow car exports from Thailand to the region in the fourth quarter, stated Warawan.
“The Thai economy is mainly…
