Thailand’s GDP to grow by 2.5% in 2023, down from 3% forecast

Thailand’s GDP growth forecast for this year has been revised down to 2.5% from the earlier projection of 3%.

Key Takeaways

• Thailand’s GDP growth for this year is projected to be 2.5%, down from the earlier projection of 3%, primarily due to a contraction in exports and reduced government sector consumption.
• The third quarter of this year saw a significant decrease in exports of industrial products by 4% and a 4.9% decline in government sector consumption.
• To achieve the government’s target of 5% GDP growth next year, Thailand needs to focus on boosting exports and investments, which are the main drivers of economic growth

The third quarter saw a growth rate of only 1.5% due to a contraction in exports and a decline in government sector consumption. For the first nine months of the year, growth was recorded at 1.9%, similar to the previous year.

Public sector investments are…