Mr. Tosaporn  Sirisampan, Secretary-General of the National Economic and Social Development Board (NESDB) revealed that the Thai economy in the fourth quarter of 2019 grew by 1.6% year-on-year, resulting in an overall growth of 2.4% for the year, lower than the previous forecast of 2.6%. This decline was attributed to both external and internal factors, including the impact of the trade war on exports, which affected countries worldwide, as well as delays in the 2020 budget, drought conditions, and the appreciation of the Thai baht.

For the Thai economy in 2020, growth is expected to be between 1.5-2.5% per year, averaging 2%, which is lower than the previous forecast of 2.7-3.7%. This projection is based on the assumption that the global economy will grow by 3.2%, exports will increase by 2%, drought conditions will not escalate significantly, impacting the production sector by no more than 5%, and that the budget will be effectively disbursed at 91.2% overall, with investment budgets disbursed at no less than 65%. Additionally, tourism is expected to recover, assuming the coronavirus situation resolves within three months, around April-May, with 37 million tourists and revenue of no less than 1.73 trillion baht.

Source: NESDB