Thai economy faces upheaval due to factory closures

Quick Summary:

WHEN Chinese electric vehicle (EV) maker BYD opened its first South-East Asian factory in Thailand earlier this month, the nation of 66 million people basked in the limelight and won praise for its industrial vision.

The factory closures between July 2023 and June 2024 increased 40% from the preceding 12 months, according to the latest Industrial Works Department data that has not been previously reported.

For now, Thailand’s economy is projected to grow only about 2.5% this year – among the factors that have left a majority of Thais dissatisfied with Prime Minister Srettha’s performance.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaChinaJapanThailand

Topics: Auto /Business/Business News Economy Manufacturing Closure

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-16 @ 07:00:00 (16 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 826 words

Reading Time: 5 minutes read

Sentences: 29 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21639214

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