Lawmakers in Thailand are facing a slowdown in economic recovery, with GDP growth falling from 2.6% in Q1 to 1.8% in Q2 of 2023. This is below consensus estimates and growth projections. Weak points in the economy include a contraction in government consumption and declining investment growth. Net exports made a positive contribution to growth, but export growth also slowed. Tight credit conditions, political uncertainty, and external headwinds are expected to limit Thailand’s economic rebound. The high household debt-to-GDP ratio and global economic slowdown are additional challenges. However, the tourism industry is expected to support growth.
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