The Siam Commercial Bank’s research wing, SCB Economic Intelligence Center (EIC), expressed concern over the potential decline in Thailand’s long-term economic growth. It has attributed this to enduring structural problems, such as low investment, diminished total factor productivity, and the economic impact of the pandemic.
Chief Economist at SCB EIC, Somprawin Manprasert, revealed that Thailand’s economic recovery has been more sluggish than its neighbouring countries, including Malaysia, Vietnam, and China.
Thailand experienced rapid growth, at an annual rate of around 8%, before the Asian Financial Crisis in 1997. Growth slowed to an average of 3.9% during 2000–2014, declining to around 3% at present, and it will be at this level for the next few years. The subpar GDP growth is mainly due to a significant slowdown of private investment, Somprawin stated.
Furthermore, he…
