These days I believe I am not the only one who thinks the Thai economy is slowing down. Many agencies, both public and private, have all revised down their growth forecasts for the country. Following disappointing first-quarter gross domestic product (GDP) performance, most forecasts now call for full-year growth of just over 4% compared with 5% predicted earlier. Second-quarter official GDP figures scheduled to be released next month will also likely be lower than expected.
In fact, we probably are already feeling the effects of an economic slowdown. I have not been going out much recently, but wherever I do go I see that many commercial places are less crowded despite a lot of sales promotions. Many shops on the streets seem closed, and I'm not sure if they've moved to malls or simply gone out of business.
But let's face it: Thailand has not been growing a lot for a long time. Since the recovery in 2000 from the Asian financial crisis, Thailand's economic growth has been among the lowest in Southeast Asia, averaging only 4.2% per year.
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