As stagnant as a Bangkok klong in April! Private investment may be revised up to 9.6%, but private consumption barely nudges from 2.4% to 2.6%. That imbalance tells the real story: capital is moving, households are not! Add in Danucha’s caution on debt, El Niño, and global demand, and the picture is less “growth surge” than “stagnant klong.” The figures for exports and tourism may flatter, but confidence remains weak, weighed down by structural risks like political uncertainty, high household debt, SME credit fragility, agricultural exposure, and multinationals shifting operations to ASEAN neighbours. All of these factors can only mean that Thailand’s economy will continue to paddle in place, while its neighbours move ahead!
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