Thailand's economy faces a prolonged downturn
The Bank of Thailand (BoT) has reported that long-term structural impediments in exports and manufacturing are having a significant impact on Thailand's economy while affecting its ability to compete globally.
According to a recent report by the Bank of Thailand, the country's export sector has lost competitiveness in the global market, with rice export market share declining by more than 50 percent over the past 20 years. Of the products that affected export growth last year, more than 70 percent suffered from declining competitiveness and other structural headwinds.
In the absence of structural reforms, structural impediments, particularly deteriorating competitiveness in the export sector, will increasingly hamper growth and limit spillover benefits from a recovery in global demand.