The IMF has lowered Thailand’s economic growth rate for this year and 2024 due to global uncertainties, including China’s economic slowdown and conflicts between Israel and Palestine.
Key Takeaways
- Global economic uncertainties, including China’s slowdown and conflicts between Israel and Palestine, have led to a downward revision in Thailand’s growth rate.
- Rising global oil prices following the Israel-Palestine conflict could potentially impact the global economy and lead to an increase in inflation worldwide.
- Thailand’s inflation rate remains relatively low compared to other ASEAN countries, thanks to government assistance programs and decreasing food prices in the region.
The report also mentions that Thailand’s inflation rate remains relatively low compared to other ASEAN countries, partly due to government assistance programs and decreasing food prices in neighboring countries. The director of research at the IMF warns that the Israel-Palestine conflict could lead to a 10% surge in oil prices, impacting the global economy and causing inflation to rise worldwide.
The growth rate for this year has been revised down from 3.4% to 2.7%, and from 3.6% to 3.2% for 2024, due to global economic uncertainties, including the economic slowdown in China and the war between Israel and Palestine.
About the author
Boris Sullivan is a business news editor based in Hong Kong. He has over 15 years of experience in covering the latest trends and developments in the Asian markets, as well as the global economy.
