World Bank revises Thailand’s economic growth forecast due to export contraction

The World Bank revised Thailand’s economic growth forecast downwards for 2023 and 2024, attributing the adjustment to a predicted contraction in the country’s exports due to reduced global demand. The primary engines of economic growth will be tourism and private consumption.

A decrease from 3.6% to 3.4% is predicted for Thailand’s economic growth this year, as reported by the World Bank’s October 2023 East Asia and Pacific Regional Economic Outlook. The economic growth for 2024 is also anticipated to drop by 0.2 percentage points, from 3.7% to 3.5%.

The contraction of Thailand’s goods exports by 2.1% in 2023, in US dollar terms, is expected due to diminished demand from leading advanced economies. Furthermore, the country’s economic growth in the second quarter of the current year has fallen more than anticipated to 1.8% on an annual…