Economic advisory board confirms sluggish growth in 2023 and slowing economy coming into 2024. Since 2019, Thailand’s economy

Economic advisory board confirms sluggish growth in 2023 and slowing economy coming into 2024. Since 2019, Thailand’s economy went backwards in real terms

The NESDC, on Monday, revised downwards its GDP growth target for 2023 and its outlook for 2024 to 1.9% and 2.7%, respectively. It suggested the BoT use financial measures to support the economy. This was in a review given by the agency’s secretary-general Danucha Pichayanan.

At length, the NESDC announced its latest projections for economic growth in 2023 and 2024. These were rather lower than its previous forecasts of 2.5% and 2.7-3.7%.

The government’s top economics body confirmed earlier reports of weaker GDP growth.

The fourth quarter of 2023 saw a very weak performance at 1.7% growth despite an expansion of foreign tourism. In effect, the growth rate towards the end of the year was slowing down.

This meant the final GDP growth rate for 2023 came in at 1.9%.

Worrying in view of the fact that it was below the GDP growth rate for 2022 of 2.6%. Last year’s growth was only marginally ahead of the 1.6% seen in 2021.

Thailand’s economy was valued at $512 billion in 2023, not far ahead of the $500 billion seen in 2020 and significantly less than the $543 billion seen in 2019.