World Bank downgrades Thailand’s growth forecast to 2.8% due to weak exports- Republic World

World Bank on Thailand’s economy: Thailand’s economic growth is expected to reach 2.8 per cent this year, according to the World Bank’s latest announcement on Monday. 

The projection comes amid challenges posed by weak exports and delays in budget implementation. 

The forecast for 2024 and 2025 has also been revised downwards from 3.2 per cent and 3.1 per cent respectively, as previously estimated in December.

Thailand, the second-largest economy in Southeast Asia, recorded a modest expansion of 1.9 per cent in 2023 but unexpectedly contracted by 0.6 per cent in the final quarter of the same year. 

In February, Thailand’s central bank also adjusted its growth outlook for 2024 to a range of 2.5 per cent to 3.0 per cent, down from the earlier projection of 3.2 per cent.

The slowdown in global trade and delayed government spending have been identified as key…