Thailand’s GDP this year is forecast to grow by 2.5%, down from 3% as earlier projected, as growth in the third quarter of the year was just 1.5%, due to export contraction, averaging 3% for three months in a row, according to the National Economic and Social Development Council (NESDC).


NESDC Secretary-General Danucha Pichayanan said exports of industrial products in the third quarter reduced by 4%,while government sector consumption shrank by 4.9% during the same period.


Growth for the first nine months this year was recorded at 1.9%, said Danucha, adding that the 2.5% projected for this year is almost equivalent to last year’s growth of 2.6%.


Public sector investments this year are projected to fall by 1.8%, due mainly to delays in the disbursement of the 2024 fiscal budget.


He said, however, Thailand’s growth next year may range between 1.7% and 3.7%, without factoring in the effects of the digital wallet scheme, which is pending a ruling from the Council of State on the constitutionality of a loan bill to fund it.


To achieve a 5% growth next year, as expected by the government, he said that they must boost exports and investments, the two major engines of growth.

NESDC forecasts Thailand's growth for this year at 2.5% | Thai PBS World : The latest Thai news in English, News Headlines, World News and News Broadcasts in both Thai and English. We bring Thailand to the world