Thai business group maintains 2024 growth forecast at 2.8%-3.3%

THAILAND’S economy is expected to grow 2.8 to 3.3 per cent this year, maintaining a previous forecast, a leading joint business group said on Wednesday (Mar 6).

Exports, a key driver of the Thai economy, are projected to rise 2 to 3 per cent this year, as per a previous forecast, said the Joint Standing Committee on Commerce, Industry and Banking, which includes representatives from those sectors.

South-east Asia’s second-largest economy grew 1.9 per cent last year.

The group maintained its forecasts because the government budget would be deployed in the second quarter, buoying the economy, Federation of Thai Industries chairman Kriengkrai Thiennukul told reporters, adding the growth would see improvement in the second half of the year due to improving tourist arrivals.

The group expects 34 million to 35 million foreign arrivals this year.

Tourism is another key driver of South-east Asia’s second-largest economy. Before the pandemic, the country saw nearly 40 million visitors spending 1.9 trillion baht (S$71.7 billion).

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In 2023, Thailand logged 28 million foreign visitors, generating 1.2 trillion baht in tourism revenue. REUTERS