Analysis-Thai economy faces upheaval due to factory closures and cheap Chinese imports
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Thailand has witnessed nearly 2,000 factory closures in the last year, impacting its manufacturing sector that contributes nearly a quarter of its GDP. The closures are a result of cheap imports from China and a decline in industrial competitiveness due to factors such as rising energy prices and an aging workforce. The Japanese automaker Suzuki Motor recently announced the closure of a Thai factory that produced up to 60,000 cars a year. The manufacturing sector's struggles have left Prime Minister Srettha Thavisin struggling to fulfill his promise of bringing average annual GDP growth to 5%. Thailand is collecting a 7% value-added tax on cheap imported goods priced less than 1,500 Thai baht ($41) to address the issue. However, the economy is projected to grow only about 2.5% this year.

#ThaiEconomy #FactoryClosures #CheapChineseImports

https://www.investing.com/news/economy-news/analysisthai-economy-faces-upheaval-due-to-factory-closures-and-cheap-chinese-imports-3518279