TISCO warns Thailand faces structural economic challenges echoing Japan's "Lost Decade." Q4 GDP projected at only 1.2% growth—the year's lowest—despite exports surging 20%, because manufacturing output grew just 0.1%, undercut by cheap Chinese imports via e-commerce. The deeper concern: Thailand is aging rapidly (65+ population at 14%, matching Japan's at that milestone), with workforce declining and income per capita ($20,700) still far below Japan's ($37,000). Public debt at ~68% GDP remains sustainable, but the long-term structural risks—aging workforce, low birth rates, middle-income trap—threaten a prolonged 10-year stagnation unless productivity accelerates.