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Thailand’s economy falls short of expectations

Thailand's economy grew 2.6% year on year in 2022, missing expectations as improving tourism sector and domestic demand failed to offset shrinking exports.
Thailand’s economy falls short of expectations ảnh 1Thailand's economy grew 2.6% year on year in 2022, missing expectations as improving tourism sector and domestic demand failed to offset shrinking exports. (Photo:AFP)
Bangkok (VNA) - Thailand's economy grew2.6% year on year in 2022, missing expectations as improving tourism sector anddomestic demand failed to offset shrinking exports.

According to statistics released by the Office of theNational Economic and Social Development Council (NESDC), the country's grossdomestic product (GDP) expanded 1.4% in the fourth quarter of last year,slowing from the third quarter's growth of 4.6%, due to contractions in exportsand manufacturing.

Its US dollar-denominated export value of goods fell7.5% in the last quarter of 2022, compared with an increase of 6.7% in theprevious quarter. Private consumption expenditures increased 5.7% from one yearearlier during the period.

The NESDC expected the GDP this year to expand in therange of 2.7-3.7%, to be boosted by a further recovery in tourism and privateconsumption and the expansion of both private and public investments, whichcould help offset some of the impact of declining exports.

It also forecast that the country's headline inflationgrowth would range between 2.5-3.5% this year, easing from a rise of 6.1% in 2022./.
VNA
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