Thailand’s economy falls short of expectations

Thailand's economy grew 2.6% year on year in 2022, missing expectations as improving tourism sector and domestic demand failed to offset shrinking exports.

According to statistics released by the Office of the National Economic and Social Development Council (NESDC), the country's gross domestic product (GDP) expanded 1.4% in the fourth quarter of last year, slowing from the third quarter's growth of 4.6%, due to contractions in exports and manufacturing.

Its US dollar-denominated export value of goods fell 7.5% in the last quarter of 2022, compared with an increase of 6.7% in the previous quarter. Private consumption expenditures increased 5.7% from one year earlier during the period.

The NESDC expected the GDP this year to expand in the range of 2.7-3.7%, to be boosted by a further recovery in tourism and private consumption and the expansion of both private and public investments, which could help offset some of the impact of declining exports.

It also forecast that the country's headline inflation growth would range between 2.5-3.5% this year, easing from a rise of 6.1% in 2022./.

VNA