THAILAND’S ECONOMIC GROWTH

The Thai economy is projected to grow at an accelerated rate of 3.2% YoY in 2024, with a forecast range of 2.2 to 4.2% supported by private sector consumption and exports. Additionally, the tourism sector is expected to continue its recovery, with an estimated 34.5 million foreign tourists visiting Thailand in 2024, representing an annual growth of 24.6%.

Private consumption is projected to expand by 3.1% YoY, with a forecast range of 2.1% to 4.1%. Merchandise exports are also likely to continue expanding, in line with global market demand and the economies of trading partner countries. Merchandise exports are expected to grow by 4.4% YoY, within a forecast range of 3.4% to 5.4%. This  positive outlook is anticipated to boost business confidence, leading to an expected growth in private investment of 3.5%, with a forecast range of 2.5% to 4.5%.

For the full year 2023, Thailand’s annual GDP stood at THB17,921,213, an increase from THB17,378,015, or growth of 3.13% YoY. In Q4/2023, the GDP value at current market prices for all industries was THB4,630,465, a slight increase from THB4,440,975 in Q3/2023, representing a 4.27% QoQ growth. This increase is attributed to the services industry, which accounted for THB2,863,695 (62%). The industrial sector contributed THB1,354,737 (29%), while the agricultural sector contributed THB412,033 (9%).