In a hopeful projection, Thailand’s Finance Minister, Pichai Chunhavajira, expressed optimism for the nation’s economic trajectory, anticipating growth beyond 3% for 2025. This follows an expected growth rate of 2.7% to 2.8% in 2024, with the tourism sector continuing as a crucial pillar of the economy.
Addressing a business gathering, Pichai indicated an optimistic outlook for the final quarter of 2024, predicting annual growth exceeding 3%, potentially reaching 4%. This comes on the back of a robust 3% annual growth recorded in the third quarter of 2024, marking the fastest economic expansion in two years. Official data for the fourth quarter is anticipated next month.
The minister attributed this economic buoyancy to a resurgence in private sector confidence and an upswing in investment applications, suggesting these factors bolster the economic landscape. Tourism remains a cornerstone of Thailand’s economic vitality, with an ambitious target of welcoming 39.8 million foreign tourists in 2025, nearing pre-pandemic levels of nearly 40 million in 2019.
Recent metrics reveal that Thailand hosted 35.5 million tourists in 2024, reflecting a substantial 26.3% increase from the previous year. “Tourism is still a strength of Thailand,” Pichai emphasized, underlining the sector’s enduring importance to the country’s economic growth strategy.
