Thailand’s per capita income falls

This decline is attributed to the second-quarter economic figures for 2023, which fell short of expectations due to a mere 1.8% expansion compared to the 2.6% achieved in the first quarter. The decrease in exports over the course of three consecutive quarters since the fourth quarter of 2022, with a negative growth of 5.7%, is the primary cause.

This negative trend has impacted various sectors including industry, which contracted by 3.3% and government consumption, which has shrunk by 4.3%. The latter was due to the conclusion of state measures, especially non-cash social welfare transfers for goods and services, which have been reduced by up to 25%. Consequently, the first half of 2023 only witnessed a modest 2.2% economic expansion.

As a result, the NESDC has had to adjust other economic indicators including GDP per capita for Thais for this year. In the original estimate, income…