Economic Overview
In its May 2023 Monetary Policy Report, the Thai economy is set to grow at 3.6% in 2023 and 3.8% in 2024. This growth will be fueled by the recovery in tourism, with more foreign tourists visiting, and increased private consumption. This boost in consumption will lead to improved employment and income, especially in the services sector and for self-employed individuals. Additionally, merchandise exports are slowly rebounding, expected to accelerate in the latter half of 2023 due to China's reopening and improved trading partner growth. These factors are expected to drive growth through 2024.
Projection for Growth and Inflation
| Percentage Per Year | 2022* | 2023 | 2024 |
|---|---|---|---|
| GDP Growth | 2.6 | 3.6 | 3.8 |
| - | (3.6) | (3.8) | |
| Headline Inflation | 6.1 | 2.5 | 2.4 |
| - | (2.9) | (2.4) | |
| Core Inflation | 2.5 | 2.0 | 2.0 |
| - | (2.4) | (2.0) |
( ) Previous Forecast in Monetary Policy Report - March 2023
More information from the May 2023 Monetary Policy Report can be found at www.bot.or.th/th/our-roles/monetary-policy/mpc-meeting.html.
Source: Bank of Thailand
Monthly Economic Report
The Finance Ministry’s Fiscal Policy Office (FPO) produces a series of reports on the Thai economy. In its July 2023 Fiscal Policy Report, the Thai economy is expected to expand by 3.5% in 2023, driven by the tourism sector and expanding domestic demand, coupled with a decreasing inflation rate.
Thailand’s Economic Projections for 2022 & 2023
| Growth Rate (% YOY) | 2021 | 2022 | 2023f |
|---|---|---|---|
| GDP | 1.5 | 2.6 | 3.5 |
| Real Private Consumption | 0.6 | 6.3 | 4.5 |
| Real Private Investment | 3.0 | 5.1 | 2.6 |
Additional detail from the latest month’s Fiscal Policy Report can be found by visiting: Fiscal Policy Office
Source: Fiscal Policy Office
Last updated: September 19th, 2023
