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Thailand’s Q4 economy grew by 1.4% in the final quarter of 2022 with hopes high for a tourism-led recovery. Southeast Asia’s second-largest economy grew slower than expected in the fourth quarter of 2022 as exports and manufacturing declined. The much-anticipated rebound in tourism will continue to boost the recovery this year as global demand for …

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This is poorly worded and conflates quarterly and annual growth. 

“Thailand’s Q4 economy grew by 1.4% in the final quarter of 2022 with hopes high for a tourism-led recovery.”

“On a quarterly basis, GDP contracted by a seasonally-adjusted 1.5% in Q4”

The first is an annual YoY figure where the second is the correct quarterly number. In fact Thailand’s economy did not grow in the fourth quarter. It contracted. A second quarterly contraction—ie 6 months of negative growth would indicate a recession.

Both numbers are abysmal. Complete mismanagement from top to bottom. After decades of growth there has been little meaningful growth of the middle class under the junta.

Singapore, Korea, and Taiwan were low, middle income countries through much of the 20th century but advanced their way to become wealthy. Thailand appears to be forever stuck in the middle income trap whereas Vietnam makes significant growth progress year after year.  

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Singapore, Taiwan, South Korea and Vietnam realised the fact that only a very minute percentage of the population were getting wealthy and probably put a stop to it.

If Thailand can get rid of this minor percentage running Thailand, they too can join these countries.

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