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Economy

Thailand's 2023 GDP growth slows to 1.9% on weak exports

2024 growth forecast downgraded after worse-than-expected Q4 figures

Tourists pose for a photo at Wat Arun in Bangkok on Jan. 2. Tourism recovery buoyed economic growth but weak exports still weighed on Thailand. (Photo by Hiroki Endo)

BANGKOK -- The Thai economy expanded 1.9% in 2023, slowing from a revised 2.5% growth the previous year due to weak exports, official data released on Monday showed.

The gross domestic product for the October-December quarter grew 1.7% from a year earlier, stronger than the 1.5% growth in the July-September quarter due to robust tourism and rising consumption, according to the National Economic and Social Development Council (NESDC), a government agency.

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