Thailand's Finance Ministry Adjusts GDP Growth Expectations Upwards
Thailand’s Finance Ministry anticipates 2.7% GDP growth in 2024 due to increased tourism and export activities. The growth forecast, which could rise to 3%, excludes a twelve and a half billion dollar cash handout scheme planned for the fourth quarter. Foreign tourist arrivals are expected to reach 36 million, leading to 1.69 trillion baht in spending.
THAILAND’s economy is anticipated to grow by 2.7% in 2024, according to the Finance Ministry, an increase from the previous 2.4% forecast.
Contributing factors include rising foreign tourist arrivals and exports.
Deputy Finance Minister Paopoom Rojanasakul mentioned that with upcoming policies, growth could reach 3%.
The new forecast does not include the 450-billion-baht (equivalent to twelve and a half billion dollars) cash handout scheme slated for the fourth quarter, which could boost growth by 1.2 to 1.8 percentage points.
Exports are predicted to grow by 2.7%, while foreign tourism arrivals are expected to hit 36 million, generating an estimated 1.69 trillion baht in spending.
The baht is expected to trade at an average of 36.2 baht per dollar due to capital outflows.
Contributing factors include rising foreign tourist arrivals and exports.
Deputy Finance Minister Paopoom Rojanasakul mentioned that with upcoming policies, growth could reach 3%.
The new forecast does not include the 450-billion-baht (equivalent to twelve and a half billion dollars) cash handout scheme slated for the fourth quarter, which could boost growth by 1.2 to 1.8 percentage points.
Exports are predicted to grow by 2.7%, while foreign tourism arrivals are expected to hit 36 million, generating an estimated 1.69 trillion baht in spending.
The baht is expected to trade at an average of 36.2 baht per dollar due to capital outflows.
