Southeast Asia's second-largest economy has been hobbled by slackening global growth, led by its main trading partner China and falling investor confidence due to a protracted period without a government following elections in May.
On a quarterly basis, GDP rose a seasonally adjusted 0.2% in the June quarter, also sharply under a forecast rise of 1.2%.
The global demand weakness prompted the government to cut its 2023 GDP growth forecast to between 2.5% and 3.0% from a range of 2.7% to 3.7%.
As weak global demand crimps exports, Thailand's economy has been supported by its vital tourism sector and private consumption growth.
It projected exports to drop 1.8% in 2023 versus an earlier forecast for a 1.6% fall.
Persons:
Danucha Pichayanan, Pheu, Srettha Thavisin, Danucha, Orathai Sriring, Kitiphong, Martin Petty
Organizations:
China, National Economic, Social Development Council, Thomson
Locations:
BANGKOK, Thailand