Thailand Business News

Thailand's economy grew 1.9% in 2023, lower than expected. 2024 forecast cut to 2.2%-3.2% due to weak exports, geopolitical risks. Possible interest rate cut.

Thailand prepares to legalize same-sex marriage, opening potential for tourism boost, economic growth, and global reputation. Opposition remains.

Thai exports showed recovery in Dec 2023, with a 4.7%YOY increase but uncertainty remains. Expecting 3.7% growth in 2024, with potential risks from global supply chain disruptions. Exported USD 22,791.6 million in Dec 2023, with gold exports contributing significantly. Exports to Europe contracted, but imports decreased, resulting in a trade surplus of USD 972.8 million. SCB EIC predicts further export recovery in 2024, driven by improving global trade volume and support from public and private sectors.

January 2024 saw the fourth consecutive month of decreasing inflation, with prices in many categories declining. The Trade Policy and Strategy Office reported the lowest inflation rate in 35 months.

Thailand's labor market faces challenges in adapting to the digital revolution, with structural weaknesses and declining productivity and wages. The country can learn from Singapore's focus on workforce skills and lifelong learning. The COVID-19 crisis has affected labor productivity, wages, and work distribution, emphasizing the importance of digital skill development and readiness for the future. Thailand's progress in digital competitiveness is improving but still lags behind in certain areas.

Ongoing macroeconomic shocks have led to global trade diversification, benefiting smaller players and creating resilient economies and trade corridors.

Thailand's customs-based exports rose 4.7% in December, marking 5 consecutive months of growth, leading to a trade surplus of $0.97 billion.

IMF expects Thailand's GDP to grow by 4.4% in 2024, up from 2.5% in 2023. Recovery driven by external demand and fiscal stimulus, but faces risks.