In 2022, Thailand’s domestic product increased by 2.6%, which was an improvement over the 1.5% growth recorded in the previous year.

However, this growth fell short of forecasts, as a robust rebound in domestic consumption and tourism was unable to make up for the weakening export sector.

Neighboring countries, and Thailand competitors, have outperformed the second-largest economy in Southeast Asia: Malaysia and the Philippines both experienced growth of 8.7% and 7.6%, with Malaysia benefiting from an increase in electronics exports in the fourth quarter.

Thailand’s biggest trading partners saw a decline in demand for its exports last year, which had been keeping the country on a favorable economic track.

Singapore, like Thailand, also reduced its forecast for yearly economic growth from 3.8% to 3.6%, below the 8.9% reported in 2021, as a result of poor external demand and the impact of inflation on consumption.

About the author

Bangkok Correspondent at Siam News Network

Bangkok Correspondent for Siam News Network. Editor at Thailand Business News

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