Bangkok (VNA) – Thailand’s gross domestic product (GDP) expanded 1.5% inthe third quarter from a year earlier, the National Economic and SocialDevelopment Council (NESDC) said on November 20.
This figureis lower than the 2.4% growth that economists predicted in a Reuters pollpreviously released and the 1.8% growth recorded in the second quarter.
SoutheastAsia’s second-largest economy has faced sluggish global demand while investorconfidence in Thailand dropped despite the end of a political deadlockfollowing an election in May. The newgovernment, which took office in August, has planned various stimulus measures.
Theslower-than-expected pace of Thailand’s economy in the third quarter isattributable to weak exports and agriculture but was supported by consumptionand the continued recovery of the tourism industry.
The NESDC expectedthe economy to grow 2.5% this year, the lower end of a previous forecast rangeof 2.5% to 3.0%.
It predictedGDP growth of between 2.7% and 3.7% in 2024.
The agencypredicted a 2% contraction in exports for this year, compared to a 1.8% fall seenearlier, and shipments rising 3.8% in 2024./.