Tuesday, February 27, 2024

Thai Fiscal Policy Office Forecasts 2.8% GDP Growth This Year

Thailand’s GDP expected to grow 2.8% this year due to increased exports and tourism. Last year, imports and exports declined due to economic slowdown among key trading partners. The government should focus on long-term sustainable development.

Thailand’s Economic Growth Outlook

Thailand’s economic growth this year is projected to reach 2.8%, driven by increasing exports and tourism, a significant improvement from last year’s 1.8% GDP growth. Pornchai Theeravet, director-general of the Fiscal Policy Office and Finance Ministry spokesman, expects 33.5 million foreign arrivals, a 19.5% increase year-on-year, contributing to an estimated 1.48 trillion baht in tourism revenues, up by 23.6% from last year.

Economic Factors and Projections

Last year, Thai exports contracted by 1.5%, with automobile, computer, and electronic goods exports particularly affected. Imports saw a 1.9% decrease year-on-year, partly due to fluctuations in the value of the Thai baht. For the current year, it is predicted that Thai exports will grow by 4.2%, while imports will rise by around 4%. The government is advised to prioritize infrastructure development, sustainable energy investment, regional connectivity, and skills development for long-term economic stability.

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