Saturday, July 20, 2024

World Bank cuts GDP growth forecast for Thailand to 2.4%

The World Bank has revised Thailand’s GDP growth forecast for 2024 to 2.4%, down from 3.2%, citing sluggish exports and global economic uncertainties. The country faces challenges including political trials and low stock index values.

World Bank’s Revised Forecast

The World Bank has revised down Thailand’s GDP growth forecast for this year to 2.4%, a significant decrease from the previous projection of 2.8% in April. This marks a further reduction from their initial estimate of 3.2% for 2024, highlighting concerns over the country’s economic outlook.

Economic Outlook for EAP Economies

EAP economies are expected to grow by 4.8% this year, driven by improved global trade, boosting industrial activities and exports. This growth is helping to offset the slowdown in China, with export-dependent countries like Thailand and Vietnam benefiting the most from the favorable conditions.

Factors Impacting Thailand’s GDP Growth Forecast

Key factors contributing to the World Bank’s revised GDP growth forecast for Thailand in 2024 include a sluggish export recovery, political and judicial uncertainty, and global economic uncertainties. These challenges are expected to weigh on the country’s economic performance in the coming year, prompting concerns among financial institutions and business groups.

Source : World Bank cuts GDP growth forecast for Thailand to 2.4%

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