The Fiscal Policy Office, led by Director Pornchai Thirraveja, is maintaining its GDP growth estimate for Thailand at 2.7% for 2024, continuing from a growth of 1.9% in 2023.

Foreign tourist arrivals are expected to reach 36 million, and private consumption is forecast to increase by 4.6%.

Despite damages from recent flooding, government measures have partly offset the impacts.

Export growth is projected at 2.9%, driven by opportunities arising from US tariffs on Chinese goods.

Government and public investments are predicted to rise by 2.1% and 0.8%, respectively, although private investment is anticipated to contract by 1.9%.

Inflation is predicted to be 0.4%, with a current account surplus projected at US$10.3 billion, or 1.9% of GDP. Looking to 2025, GDP is forecast to expand by 3%, boosted by private consumption, exports, tourism, and investments.

The foreign tourist count is expected to hit 39 million, aiding business confidence.

Private investment is slated to grow 2.3% annually, helped by Board of Investment incentives, while public investment should grow by 4.7% with major infrastructure projects.

Fiscal policies will focus on sustainability and managing public debt.

The 2025 expenditure budget is set at 3.75 trillion baht with the deficit targeted at 4.5% of GDP. Discussions with the Bank of Thailand suggest moderation in fiscal stimulus to manage rising public debt.

The Ministry plans new economic measures by November's end to meet the GDP growth target of 3.5%.