Thai Times

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Thai Economy Set to Grow 2.7% in 2024

Prime Minister Paetongtarn Shinawatra Announces Better-Than-Expected Economic Growth
Thailand's economy is projected to grow by 2.7% in 2024, surpassing forecasts, largely due to an expected 28% increase in foreign visitors, reaching 36 million.

Prime Minister Paetongtarn Shinawatra emphasized at a business forum that the government plans to accelerate investment spending, totaling over 960 billion baht (approximately $27.74 billion).

The economy showed a 3% growth in the July-September quarter, the fastest in two years, despite caution about future trade challenges, particularly with the United States.

Exports make up 60% of Thailand's GDP, with 10% going to the U.S. The government assures stability until 2027, and will present a 90-day performance report on December 12, outlining future policies.

The state planning agency predicts a growth range of 2.3% to 3.3% for 2025, with last year's growth at 1.9%, as the economy slowly recovers from the pandemic.
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