In the third quarter of this year, Thailand demonstrated an economic growth of 3.0% year-on-year, surpassing the median forecast of a 2.6% expansion predicted by a Reuters survey of economists, according to the latest official data released on Monday.
The data, provided by the National Economic and Social Development Council, also showed that Thailand, which is Southeast Asia’s second-largest economy, marked a growth of 1.2% in a seasonally adjusted manner during the quarter spanning July to September. This also outperformed the surveyed forecast which anticipated a growth of 0.8%.
When compared to previous statistics, these recent figures for the third quarter showcase a notable jump from the June quarter’s revised annual growth rate of 2.2% and quarter-on-quarter growth of 0.8%.
According to the National Economic and Social Development Council, GDP growth for this year is anticipated at 2.6%, and projected growth between the range of 2.3% to 3.3% in 2025.
Despite Thailand’s economy experiencing a mere growth of 1.9% last year, trailing behind its regional counterparts due to high household debts, raised borrowing costs, and dampened demand from China – its key trading partner, the country is set to consider new stimulus plans this week to boost its economy.
Finance Minister Pichai Chunhavajira announced plans for the administration to contemplate augmenting stimulus strategies on Tuesday, which will include the second phase of the country’s innovative “digital wallet” giveaway program. The pioneering program, which kicked off in September, aims to distribute 10,000 baht ($287) to roughly 45 million beneficiaries for local communal spending. To date, around a third of the proposed payments have been disbursed.
Moreover, in an unforeseen move spurred by enduring government pressure, the nation’s central bank slashed its policy interest rate by a quarter point to 2.25% on October 16th.
Looking forward, tourism and exports, two of the country’s main economic drivers, are expected to further bolster Thailand’s economy in the coming year. The National Economic and Social Development Council (NESDC) altered its export growth forecast upwards to 3.8% for the current year, up from an earlier prediction of 2%, and anticipates a rise in exports by 2.6% in 2025.
The NESDC also expects an inflow of approximately 36 million foreign tourists this year, slightly modifying its prior forecast of 36.5 million. For 2025, the tourism figures are expected to swell to 38 million, although the previous record was set in 2019 at nearly 40 million tourists, revealed prior to the advent of the global pandemic.
