Thailand’s second quarter of 2023 saw a slowdown in economic recovery, with GDP growth falling from 2.6% year-on-year in the first quarter to 1.8%, as reported by the National Economic and Social Development Council on August 21. The figures fell significantly short of consensus estimates of 3.1% and growth projections of 2.9%. The economy’s quarter-on-quarter growth was a mere 0.2%, once seasonally adjusted.

 

As a result of these underwhelming growth figures and ongoing economic challenges, BMI – a Fitch Solutions company – has revised its full-year growth forecast for this year, dropping from 3.0% to 2.8%. This falls below both consensus expectations of 3.6% and the average of 3.6% for 2010-19.

 

A closer look at the most recent figures reveals several weak points in the economy. Government consumption saw a 4.3% annualised contraction in the second quarter, largely due to extended political uncertainty after the May general elections. Restricted credit conditions and declining investor sentiment have also negatively impacted investment growth, which plunged from 3.1% year-on-year in the first quarter to 0.4% in the second.

Full story: https://thethaiger.com/news/business/thailands-q2-economic-recovery-slows-full-year-2023-growth-forecast-revised

 

by Alex Morgan

TOP: Lawmakers gather during a debate before a vote to select a new prime minister at the Parliament in Bangkok, Thailand Tuesday, Aug. 22. (AP Photo/Sakchai Lalit)

 

-- The Thaiger 2023-08-29

 

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I love the way these people keep dropping the forecast right up until the last day of the year just so they can say they got it right !