Thailand’s economic growth in the second quarter of 2019 decelerated at 2.3%YOY, which is the slowest rate in nineteen quarters.
This was significantly due to a drop in exports, both goods and services. For production side, agricultural sector contracted by drought effect while industrial sector’s deteriorated following the export-related production.
EIC assesses 2019 Thailand’s GDP growth would below 3% from global economic slowdown. However, fiscal stimulus packages , which should be approved by the cabinet, are able to positively affect Thailand’s GDP.
|Based on the expenditure approach, exports and tourism pulled down the growth while private consumption progressively expanded.|
Author: Kampon Adireksombat, Ph.D. ,Panundorn Aruneeniramarn and Jirayu Photirat