20-11-2023 (BANGKOK) Thailand’s economy expanded by 1.5 percent in the third quarter compared to the same period last year, according to the Office of the National Economic and Social Development Council (NESDC). This marks the eighth consecutive quarter of growth but represents the slowest pace in the past three quarters, down from 1.8 percent in April-June and 2.6 percent in January-March.
The NESDC data reveals that the Thai economy was primarily driven by continued growth in private investment and strong private consumption. However, there was a contraction in merchandise exports, government spending, and public investment, affecting overall economic performance.
Despite a decline in the manufacturing sector, the hospitality industry experienced robust expansion due to the recovery of the tourism sector. This recovery had a positive impact on sectors such as lodging and catering, as well as transportation and storage.
In light of decreasing exports and government spending, the NESDC has revised its gross domestic product (GDP) forecast for the year to 2.5 percent, aligning with the lower end of the previous forecast range of 2.5 percent to 3.5 percent.
Looking ahead, Thailand’s economy is expected to rebound in 2024, with projected growth between 2.7 percent and 3.7 percent. This recovery is anticipated to be driven by the resumption of shipments, increased private consumption and investment, and the revival of the tourism industry. In 2022, the country’s economy is forecasted to experience a year-on-year growth of 2.6 percent.
