Thailand’s economy in 2023 fell short of initial forecasts, with a growth rate of only 1.9%, significantly lower than earlier predictions of 2.5% to 3.2%. While the tourism sector showed some recovery, weaker performance in exports, manufacturing, and private investment hindered overall growth.
- Thailand’s economic growth in 2023 slowed to 1.9% due to weak exports, despite robust tourism and rising consumption.
- The National Economic and Social Development Council (NESDC) downgraded Thailand’s 2024 economic growth forecast to 2.2% to 3.2% from the previous projection of 2.7% to 3.7%.
- The economic growth outlook for Thailand in 2024 is expected to be strengthened by improved export prospects, resilient private consumption, and increased government spending. However, there are potential risks from geopolitical conflicts and a global economic slowdown.
- The lower-than-expected growth…
