Private Consumption Index (%YoY)
1.2%
May 2024
Thai Economy
conditions • indicators • outlook
Economic and Monetary Conditions for May 2024
The Thai economy continued to expand despite slowing down from a good expansion in the previous month. The slowdown was attributed to decreased exports of goods, manufacturing production and private investment. However, activities in tourism sector continued to increase from the previous month together with a slight increase in private consumption. Government spending also expanded from the same period last year in both current and capital expenditure after the Budget Act, B.E. 2567 was enacted. In addition, investment from state-owned enterprises expanded thanks to the disbursement of infrastructure projects.
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)
Economic Publications
Report on Business Sentiment Index
Business Outlook Report
Credit Conditions Report
Key Economic and Financial Statistics
