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Thailand’s economic growth plunges to five-year low

Thailand’s economy recorded the weakest growth in five years in 2019 as its exports and public investments slowed.
Thailand’s economic growth plunges to five-year low ảnh 1Illustrative image (Source: Ashton Hawks)


Hanoi (VNA) - Thailand’seconomy recorded the weakest growth in five years in 2019 as its exports andpublic investments slowed.

TheNational Economic and Social Development Council (NESDC) announced on February17 that Thailand’s gross domestic product (GDP) expanded 1.6 percent in the fourthquarter of 2019 from a year earlier. The figure was lower than a 2.1 percentgrowth forecast in a Reuters poll and the third quarter’s upwardly revised 2.6percent growth.

In2019, the Thai economy expanded 2.4 percent, the slowest rate since 2014. Itwas in line with analysts’ forecast, but was sharply down from upwardly revised4.2 percent growth in the previous year.

Thesame day, the NESDC cut its forecasts for Thailand’s economic growth this year to1.5-2.5 percent from 2.7-3.7 percent.

Italso lowered its outlook for exports, the main growth driver, to a 1.4 percentrise from a 2.3 percent increase projected in November.

Thefirst-quarter’s GDP may contract from the previous three months beforerecovering in the second quarter as tourism should recover, WichayayuthBoonchit, the NESDC’s deputy secretary general, told a news conference.

Ifthis scenario happens, Thailand will avoid falling into a technical recession.

Thisyear, the NESDC predicted the number of foreign tourists to Thailand would fallto 37 million from last year’s record 39.8 million, due to the coronavirusoutbreak./.

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