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UTTC lowers Thailand’s 2024 growth forecast to 2.6%

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The economic growth forecast for Thailand in 2024 has been lowered by UTTC to 2.6% from the initial projection of 3.2%. Factors contributing to this revision include a fragile economic recovery, a decrease in private investment, weakened consumer purchasing power, and delays in budget disbursement. These challenges have led to a less optimistic outlook for Thailand’s economic performance in the coming year.

The downward revision in the growth forecast reflects the current economic conditions in Thailand, which are facing multiple obstacles that are hindering growth. Despite efforts to stimulate the economy, such as increased government spending, the overall outlook remains uncertain. UTTC’s revision serves as a warning sign for policymakers and business leaders to address the issues affecting the country’s economic performance and work towards sustainable growth in the future.

With the revised forecast for 2024, Thailand will need to implement strategic measures to overcome the challenges in its economy and promote stronger growth. Addressing issues related to private investment, consumer purchasing power, and budget disbursement will be crucial for improving economic conditions. By taking proactive steps to tackle these obstacles, Thailand can work towards achieving a more robust and stable economic outlook in the long term.

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