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Thailand’s economy is slowing, and it could mean trouble

  • Thailand’s economy slowed for second straight quarter, expanding by 1.5% year on year.
  • DBS warned that the room for public spending was narrowing amid populist policies.

Residents rest in front of a fan in Bangkok, April 25, 2023.

Andre Malerba | Bloomberg | Getty Images

Thailand’s economy grew at its slowest pace in almost a year in the third quarter, and analysts say the trend is here to stay.

Thailand’s gross domestic product grew 1.5% year-on-year for the quarter ending September, official data on Monday showed. That’s far below expectations of 2.4% by economists polled by Reuters, and lower than the 1.8% expansion in the second quarter.

The reading marked the second straight quarter of easing growth in Thailand’s economy.

“Public spending, inventories and goods exports dragged, despite firm private consumption and tourism,” said Chua Han Teng an economist at DBS Bank, warning that…

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