Thailand’s gross domestic product (GDP) expanded by 1.9% in 2023, according to the National Social and Economic Development Council (NESDC). This growth, fueled by increased tourist numbers and private consumption, was offset by contractions in manufacturing and public spending.
The lower-than-anticipated growth suggests a potential case for an interest rate cut at the Bank of Thailand’s upcoming policy review on April 10, following the bank’s decision to hold the key rate at 2.50%, the highest in more than a decade, with two members pushing for a rate reduction in a split vote.
The growth projection for 2024 has been revised to 2.2-3.2%, down from the previous 2.7%-3.7% forecast provided by the agency in November.
NESDC Secretary-General Danucha Pichayanan stated during a press conference that fourth-quarter GDP grew by 1.7%, falling short of the 2.5% expansion forecast in a Reuters poll.
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