Private Consumption Index (%YoY)
0%
Oct 2024
Thai Economy
conditions • indicators • outlook
Press Release on the Economic and Monetary Conditions for October 2024
The Thai economy improved from the previous month thanks to a continuous increase in tourism revenue and an improvement in private consumption, which partly benefited from the government’s stimulus program (10,000-baht cash handout). This was in line with increases in trade activities. Manufacturing production also increased due to improved exports, excluding automobiles, and higher domestic demand. Additionally, government spending expanded, driven by both current and investment expenditures. However, some sectors of the economy remained subdued due to structural problems.
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
