Anticipating Growth in 2024: Thai Economy Driven by Tourism and Exports
Growth drivers include a tourism rebound, with foreign visitors possibly reaching 30 million, a boost in exports, particularly in electronics and automotive, and increased domestic consumption driven by higher wages and job rates, as well as government spending on infrastructure. Inflation is likely to stay within the 1-3% target.
Global economic growth is predicted to slow, impacted by tight monetary policy and the Ukraine conflict, with a forecast 2.6% GDP growth in 2024. Advanced economies may experience greater slowdown, while emerging markets like China and India are expected to grow more robustly.
Global inflation should decrease yet remain high at 4.8%. Risks include escalated conflict in Ukraine, a significant Chinese economic downturn, or financial crises due to high debt and interest rates.
Policymakers are advised to focus on inflation control, economic support for the vulnerable, and encouraging private sector productivity and innovation. With the digital shift, green transition, and geopolitical shifts, the global economic landscape remains complex and uncertain.