Thailand’s Q2 economic recovery slows, full-year 2023 growth forecast revised

Thailand’s second quarter of 2023 saw a slowdown in economic recovery, with GDP growth falling from 2.6% year-on-year in the first quarter to 1.8%, as reported by the National Economic and Social Development Council on August 21. The figures fell significantly short of consensus estimates of 3.1% and growth projections of 2.9%. The economy’s quarter-on-quarter growth was a mere 0.2%, once seasonally adjusted.

As a result of these underwhelming growth figures and ongoing economic challenges, BMI – a Fitch Solutions company – revised its full-year growth forecast for this year, dropping from 3.0% to 2.8%. This falls below both consensus expectations of 3.6% and the average of 3.6% for 2010-19.

A closer look at the…