BANGKOK (AFP) – Thailand registered lower than expected economic growth of 1.8 percent in the second quarter, official data released yesterday showed.
Officials blamed a slowdown in exports, which fell 5.7 per cent year-on-year, for the weak pace.
The Office of the National Economic and Social Development Council (NESDC) cut its forecast for 2023 to between 2.5 and three per cent, citing poor global conditions.
“The growth in the second quarter is lower than expected due to the slowdown of exports which fell for three quarters respectively since last year,” said Secretary-General of the NESDC Danucha Pichayanan,
Output from manufacturing fell 3.3 per cent and government spending also dropped 4.3 per cent, the data showed.
The kingdom is stuck in a political deadlock three months after a national election, with no prime minister able to form a government.
Danucha sought to calm investors’ fears of looming instability, noting political demonstrations so far have been small and peaceful.
Just three years ago violent street protests brought capital the Bangkok to a standstill for months.
“If the transition (of government) runs smoothly, investors will be confident and come to invest,” he told reporters.
