Miran Lim and Yen Nguyen
Thailand’s economic performance for 2023 is poised for disappointment as the growth forecast has been revised downward from 3.5% to 2.7%. Weaker than expected exports and reduced tourism spending are the primary factors contributing to this adjustment, signalling significant challenges ahead for the nation’s economic outlook.
Thailand, the second-largest economy in Southeast Asia, has also been hindered by the global economic slowdown, a sluggish recovery in its primary trade partner, China, and declining investor confidence.
Amid these challenges, Thailand is pursuing economic rejuvenation and sustainability by transitioning into a technology-driven economy. The government has introduced substantial regulatory updates, including a comprehensive set of incentives aimed at boosting investment and enhancing economic infrastructure.
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