Thailand’s economic growth forecast for 2024 has been reduced to 2.6% due to a fragile recovery, slow private investment, weak consumer purchasing power, and delayed budget disbursement.
Revised Economic Growth Forecast for Thailand in 2024
The economic growth forecast for Thailand in 2024 has been revised down to 2.6% from the previously projected 3.2% due to various factors impacting the economy. These include a fragile economic recovery, slow private investment, weak consumer purchasing power, and delayed budget disbursement. These challenges have contributed to a less optimistic outlook for Thailand’s economic performance in the upcoming year.
Quarterly Projections and Concerns
For the first quarter, a 2% economic expansion is expected, with growth likely to increase to 2.5% in the second quarter. This growth will be driven by national budget disbursement, tourism, and exports. However, concerns remain regarding low consumer confidence, high household debt, and the impact of non-performing loans on lending practices.
Future Growth Potential and Challenges
Despite challenges, the third quarter is anticipated to show a growth of 3.1%, with expected declines in lending rates. However, the fourth quarter growth is forecast at 2.8% due to rising household debt and non-performing loans. If measures such as accelerated national budget disbursement and the approval of the “digital wallet” scheme are implemented swiftly, there is a possibility of the year’s growth increasing to 3%.
Source : UTTC lowers Thailand’s 2024 growth forecast to 2.6%
