The World Bank has upheld its forecast for Thailand’s economic growth in 2024 at 2.4%, reflecting an improvement from the 1.9% growth recorded in 2023, suggesting that the Thai economy will exhibit enhanced performance in the second half of 2024, driven by key factors such as acceleration in government budget spending, exports, tourism, and private services.
Thailand’s tourism sector is on track to return to pre-Covid levels by mid-2025, while the value of exports in USD for 2024 is expected to see a growth of 2.4%, bolstered by positive global trade sentiment, despite a slowdown in the Chinese economy. Notably, the country’s core consumer price index (CPI) is projected to experience the most significant decline compared to regional peers, with a decrease of 0.7%, falling below the inflation target set by the Bank of Thailand (BOT).
Meanwhile, the World Bank has revised its projections for Thailand’s economic growth, anticipating a growth rate of 3.0% in 2025. This upward revision is attributed to the anticipated recovery in private services and investment. In comparison, the bank’s earlier forecast in July 2024 had predicted Thailand’s economy to grow at a rate of 2.4% in 2024 and 2.8% in 2025.
