Overview of Thailand’s Real GDP
In 2021, Thailand's real GDP reached $429.1 billion, up 1.1% yearly. Between 2010 and 2021, Thailand's economy expanded by a CAGR of 2.1%. However, an increase in COVID-19 cases and rising oil prices amid conflict between Russia and Ukraine dimmed Thailand's growth outlook.
Outlook on Global Economy
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth.
In terms of real GDP, the US, China, Japan, Germany, and India are the world's top five economies. With a value of $18.6 trillion in 2021, the US had the highest real GDP, followed by China. The real GDP of Japan reached $6 trillion during the same period, putting it third globally. Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, are the other two largest economies.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality from COVID-19.
Russia-Ukraine war:
Global economic expansion will be hampered by a protracted conflict between Russia and Ukraine. Due to the war, trade and investment have suffered because Russia has been subjected to economic sanctions, and several significant corporations have ceased operations there.
Rising Inflation and Interest Rates:
As a result of rising inflation rates in both developing and advanced economies, central banks have been forced to tighten monetary policy and raise interest rates to keep prices from rising. However, a steady increase in interest rates could cause financial distress in some economies.
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer
Contact the team or request a demo to find out how our data can drive your business forward