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Business Economy News Thailand

Thailand’s GDP Growth Slows

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Thailand’s economic growth slowed more than expected in the fourth quarter of 2022 as exports and manufacturing declined. However, the tourism sector should continue to help the recovery this year, the National Economic and Social Development Council (NESDC) says.

The country’s economy expanded by 1.4% year-on-year in the fourth quarter of 2022, decelerating from a growth of 4.6% in the previous quarter. Seasonally adjusted, the economy decreased by 1.5% compared to the third quarter.

In 2022, the kingdom’s economy expanded by 2.6%, after growing by 1.5% in the previous year. This was among the slowest growth rates in Southeast Asia.

Despite the slower fourth quarter, the economic recovery is expected to continue. The NESDC predicts the economy would grow 2.7%-3.7% this year, down from a previous forecast of 3%-4% growth.

Key supporting factors are the recovery of the tourism sector, the expansion in both private and public investments, the continual expansion of private consumption, and the favorable growth of the agricultural sector.

With the return of Chinese tourists, the agency now expects Thailand to receive 28 million foreign tourist arrivals this year, up from the 23.5 million projected earlier.

Thailand had 11.15 million foreign visitors in 2022. It’s still a far cry from nearly 40 million visitors in pre-pandemic 2019.

Read the press release HERE.

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