20 Feb 2023 Thai Economy Thai economy grew less than expected in 4Q22. KResearch, however, maintains our 2023 growth forecast for the Thai economy at 3.7% (Business Brief No.3992) คะแนนเฉลี่ย คะแนนเฉลี่ย 5 stars 4 stars 3 stars 2 stars 1 star The Thai economy grew less than expected at 1.4 percent YoY in 4Q22, causing the Thai economy in 2022 to expand at only 2.6 percent YoY, which is lower than our prior estimate of 3.2 percent YoY. Thailand's 4Q22 GDP was pressured primarily by the 10.5 percent YoY contraction in merchandise exports due to the slowing global economy. Additionally, there was a significant shrinkage in public consumption while public investment grew less than expected as spending and investment related to COVID fell sharply. Moreover, although budgetary disbursements were higher than those reported for 3Q22, they were still less than those seen during 4Q21. Nevertheless, steady recovery in tourism helped bolster exports in the service sector to 94.6 percent YoY. The recovery in tourism was a boon to employment, helping boost private consumption to 5.7 percent YoY in 4Q22 although it fell from the 9.1 percent growth in 3Q22. Looking into 2023, KResearch maintains our growth forecast for the Thai economy at 3.7 percent, which is higher than the 3.2 percent, or a range of 2.7-3.7 percent growth, projected by the Office of the National Economic and Social Development Council (NESDC), because we are of the view that tourism will continue driving the economy throughout 2023 even as the global economic downturn may pressure Thai exports to contract slightly. KResearch is of the view that the global economy may not slow down as fast as previously anticipated because China’s reopening will cause the Chinese economy to grow at an accelerated rate, thus supporting the overall global trade and economy. Meanwhile, although the US economy exhibits signs of slowing down, the latest employment figures and retail sales show that the US economy remains robust. As a result, the US may not enter a technical recession sooner than anticipated. View full article Login / Register Or Enter the code from the poll Annotation This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow. Thai Economy GDP Related Analysis View all 12 Mar 2018 Thai Economy Households are Cautious about Spending in 1Q18 According to a survey on household economic conditions for February, views of Thai households across the country toward economic conditions and the cost of living over the next three months remained unchanged. This is reflected in the 3-month Expected KR-ECI that was static at 47.1 in February. Households still had positive views toward income and employment, given the daily minimum wage rise slated for April 2018, while prices of some key agricultural produce, namely “Hom Mali” rice and cassava, have begun to increase. However, households were concerned about growing debt.... Read more 0 KB 0 KB 19 Feb 2018 Thai Economy Thai economy continues to grow in 2018 Growth of 4.0% is expected (Business Brief No.3727) The Thai economy in 4Q17 was buoyed by high growth in exports and tourism, while household consumption started to improve compared to... Read more 0 KB 0 KB 9 Feb 2018 Thai Economy Official launch of EEC: Key to Thailand’s Economic Development (Current Issue No. 2899 Full Ed.) The National Legislative Assembly (NLA) has approved the Eastern Economic Corridor (EEC) bill which is expected to boost investor confidence in large-scale, long-term investments by providing private investors additional incentives, namely non-tax privileges and a speedier process for licensing, in addition to the government's efforts to promote EEC investment through infrastructure projects and tax incentives. ... Read more 0 KB 0 KB 22 Jan 2018 Thai Economy Thai Household Debt May Fall to 77-78% of GDP in 2018 (Current Issue No. 2896) In 3Q17, Thailand's household debt fell from 78.4 percent of GDP – as recorded in 2Q17 – to 78.3 percent of GDP, which could be the res... Read more 0 KB 0 KB 18 Jan 2018 Thai Economy Economy Likely Unfazed by THB5-22 Daily Minimum Wage Hikes Nationwide (Business Brief No.3722 Full Ed.) The National Wage Committee recently agreed to raise the daily minimum wage to THB315.97, on average, or a range of THB308-330 across the... Read more 0 KB 0 KB 12 Jan 2018 Thai Economy Household sentiment toward economy continues to improve for 3 straight months, sending positive signal for private consumption in 1Q18 ... Read more 0 KB 0 KB View all