The chief of staff of the Thai Prime Minister Srettha Thavisin did not beat around the bush.
The economy is in
“
a critical situation
”
, admitted Prommin Lertsuridej in early March to an audience of journalists.
“
The numbers show that we are not in good health.
»
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% after -3.9%), due to the delay government formation after the May elections.
The 2024 budget has only just been voted on, although it should have been in October.
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.
“
The activity underperformed over the year ,
”
says Nouri Chatillon, economist…
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