Thailand records economic slowdown as decline in exports outweigh tourism gain

Representational image. ANI

Thailand recorded slower economic growth as recovery in tourism and domestic consumption failed to offset the fall in exports. The Asian nation’s Gross Domestic Product (GDP) grew 2.6 percent in 2022, a rise from 1.5 percent recorded the previous year, due to rise in consumption and private investment. While core inflation in Thailand rose 6.1 percent, consumption increased 6.3 percent during the year. However, in the fourth quarter the country’s economic growth slowed. On the other hand, the services exports expanded 94.6 percent in the quarter. A positive growth was seen in the economy due to the exports last year, but as the demand from the United States and Europe declined, so did the country’s GDP.

Tourism, which makes up nearly 20 percent of Thailand’s GDP,…