Thai economy grew less than expected at 1.9 percent YoY in 2023; KResearch downwardly revises its Thai economic growth forecast for 2024 to 2.6 percent, from its previous estimate of 3.1 percent (Business Brief No.4037)

• Thailand’s economy saw less-than-expected growth of 1.7 percent YoY in 4Q23. When compared to 3Q23, the economy contracted by 0.6 percent. These lackluster figures reflect weakening momentum in the Thai economy.
• KResearch has downgraded its 2024 growth forecast for the Thai economy to 2.6 percent, lower than its prior estimate of 3.1 percent, due to slowing economic momentum.
• The country’s economy in 1Q24 is expected to stabilize compared to the previous quarter. Even though the fiscal 2024 budget has not yet been approved, government spending is likely to be expedited. Meanwhile, Thai exports are expected to remain roughly the same compared to the previous quarter in line with rising demand.