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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Thailand GDP Growth (1961-2023)
Thailand's economy showed strong growth in the 1960s and 1980s, peaking at 13.3% in 1988 as exports surged. The 1997 Asian Financial Crisis severely impacted GDP, with a -7.6% contraction in 1998. Economic recovery was steady until the 2008 global crisis, with a minor -0.7% decline in 2009. COVID-19 caused a -6.1% contraction in 2020, followed by modest recovery to 2.5% in 2022. In 2023, growth was 1.9%, affected by slowdowns in trade and tourism.
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