Thailand's GDP grew 1.9% year on year in Q2 2026, down from 2.8% in Q1 and the lowest among ASEAN countries listed (Vietnam 8.4%, Malaysia 6.0%, Singapore 5.9%, Indonesia 5.3%, Philippines 2.3%). The slowdown was driven by weaker private consumption, lower government spending and a fall in public investment, with the Middle East conflict hitting Q2 hardest. NESDC raised its 2026 full-year forecast to 2.0-2.5% (midpoint 2.2%), citing better exports and tourism, stronger private investment and lower inflation. For a small business, expect cautious customer spending through the rest of the year; keep sales and cash-flow plans conservative rather than assuming a sharp rebound.