Thailand is suffering from the Chinese slowdown which is weighing on its exports and tourism. Defying forecasts, the kingdom saw its GDP decline by 0.6% in the fourth quarter of 2023.
This is due to the continued fall in public investment (-4.6%) and the delay government formation after the May elections. In 2023, Thailand has experienced significant political changes. The elections for the 500 seats in the House of Representatives ended in the unexpected victory of the Reform Party but without a parliamentary majority. This political impasse weighed on an already faltering economy.