Thailand’s economy is struggling post-pandemic, with slow GDP growth. Government implements short and long-term policies, focusing on trade and industry challenges.
Thailand’s economy is facing challenges in recovering from the COVID-19 pandemic, with sluggish growth in GDP and GDP per capita. The government has introduced both short and long-term strategies to tackle these economic hurdles.
## Thailand’s Economic Struggles
Thailand continues to lag behind pre-pandemic levels in real GDP and GDP per capita compared to other ASEAN nations. The country’s economy, heavily dependent on tourism and the informal sector, was hit hard by the pandemic, leading to a slow recovery. While there was some growth in the travel industry in 2023, the manufacturing sector saw contraction and merchandise exports decreased.
## Government’s Response to Economic Challenges
The government’s immediate economic measures include cash payments to residents, debt relief, and cost-cutting initiatives. Long-term plans involve free trade agreements, green projects, and infrastructure developments. However, these strategies have faced criticism for their fiscal impact and rising debt levels. Addressing supply-side constraints and reassessing industrial policies will be crucial in achieving Thailand’s economic growth objectives.
Source: Thailand’s post-pandemic economic recovery still trailing behind
Source link : WTO ministerial trading in low expectations and high stakes by East Asia Forum
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