Economic Overview
In the latest decision by the Monetary Policy Committee (MPC) of the Bank of Thailand, a positive outlook for the Thai economy emerges. Projected growth rates stand at 2.6 percent in 2024 and a promising 3.0 percent in 2025. Driving this growth are developments in Thailand's tourism sector and increased private consumption, offering potential job opportunities. Additionally, the gradual rebound of merchandise exports, supported by China's reopening and enhanced growth among trading partners, sets the stage for a robust recovery, poised to gain momentum in late 2023. With these factors at play, Thailand's economic growth story is set to unfold throughout 2024.
Projection for Growth and Inflation
| Percentage Per Year | 2023* | 2024 | 2025 |
|---|---|---|---|
| GDP Growth | 1.9 | 2.6 | 3.0 |
| Headline Inflation | 1.2 | 0.6 | 1.3 |
| Core Inflation | 1.3 | 0.6 | 0.9 |
More information from the Feb 2024 Monetary Policy Report can be found at https://www.bot.or.th/th/our-roles/monetary-policy/mpc-meeting.html
Source : Bank of Thailand
Monthly Economic Report
In 2023, the Thai economy is expected to grow modestly at 1.8 percent, a slowdown from the previous year's 2.6 percent expansion, largely due to a downturn in industrial production, notably in automotive and electronics sectors. However, prospects brighten for 2024 as the Fiscal Policy Office (FPO) anticipates a robust growth surge of 2.8 percent. This optimistic outlook is fueled by anticipated growth in export volumes and a promising revival in the tourism sector, with forecasts signaling increased activity and visitor numbers throughout the year.
Thailand’s Economic Projections for 2023 & 2024
| Growth Rate (% YOY) | 2022 | 2023f | 2024f |
|---|---|---|---|
| GDP | 2.6 | 1.8 | 2.8 |
| Real Private Consumption | 6.3 | 7.1 | 3.3 |
| Real Private Investment | 5.1 | 2.8 | 3.2 |
Additional detail from the latest month’s Fiscal Policy Report can be found by visiting : Fiscal Policy Office
Source: Fiscal Policy Office
Last updated: April 18th, 2024
