Thailand heads for better year, with or without mega-digital wallet

[BANGKOK] Thailand’s economy – the second-largest in South-east Asia – is poised to grow at a slightly faster pace in 2024 than it did in 2023, with a disappointing 2.5 per cent rise in gross domestic product (GDP) expected for this year, said economists.

The World Bank has predicted growth of 3.2 per cent in 2024, driven primarily by an increasing number of international tourist arrivals (from 28 million in 2023 to 35 million in 2024), a slight increase in exports thanks to the recovery of traditional markets, and sustained private consumption.

Heading into the new year, the big unknown overshadowing the 2024 growth forecast is whether Prime Minister Srettha Thavisin and his government can successfully push through the controversial “digital wallet” scheme, which will see some 50 million Thais to each receive a sum of 10,000 baht (S$385).