In the second quarter, Thailand’s economy expanded less slowly than anticipated, with stronger tourism making up for weaker exports.
Due to decreased exports, the government has reduced its estimate for 2023 GDP growth from 3% to 2.5%.
The robustness of Thailand’s tourism industry and the rise in private consumption helped to stabilize the economy despite the drop in exports.
Due to decreased exports, the government has reduced its GDP growth prediction for 2023 and anticipates a decline in exports over the next few years.
In the months of April through June, the economy increased by 1.8%, less than predicted by experts. Despite sluggish global demand, the economy has been maintained by the tourism industry and personal consumption. Since October 2022, exports have been falling, primarily because of a downturn in China.
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SOURCE: http://thailand-business-news
