Thai business group cuts 2024 GDP growth forecast

South-East Asia’s second-largest economy grew 1.9% last year, lower than 2.5% growth in 2022. — Reuters

BANGKOK: Thailand’s economy is expected to grow between 2.2% and 2.7% this year, down from a previous forecast of 2.8% to 3.3% due to a slow export recovery, a leading joint business group says.

Exports, a key driver of the Thai economy, are now projected to increase between 0.5% and 1.5% this year compared with a rise of between 2% and 3% seen earlier, the Joint Standing Committee on Commerce, Industry and Banking, which includes representatives from those sectors, said yesterday.