Thai Economy

conditions • indicators • outlook

Economic and Monetary Conditions for March and the First Quarter of 2024

The Thai economy slowed down in March 2024 as domestic demands and tourism sectors softened after expanding well in the preceding periods and partly because the benefits from the Easy E-Receipt campaign dissipated. Despite this slowdown, the economy showed signs of improvement in the first quarter compared to the previous one. But the overall growth was likely to remain low on a year-on-year basis. The tourism sectors continued to be the main driver of economic activity within the service sectors, leading to increased employment. Private investment also increased, particularly in new industries and services. On the other hand, exports and manufacturing production remained stagnant due to weak global demand and structural factors that suppressed production. Private consumption declined, particularly in durable goods, despite an improvement in non-durable goods. Government spending also contracted due to the delay of the 2024 budget.


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Economic Outlook

The Thai economy is expected to grow at 2.6 and 3.0 percent in 2024 and 2025, respectively. This economic expansion is supported by (1) an improvement in the tourism outlook in terms of both the number of foreign tourists and spending per head; (2) continued expansion of private consumption despite having been some moderation from high growth last year; and (3) an acceleration of public expenditure in the remainder of the year. In contrast, exports of goods are anticipated to recover only gradually in the second half of this year. (Forecast as of 10 April 2024)


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Economic Publications

Report on Business Sentiment Index

Business Outlook Report

Credit Conditions Report

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