Thailand’s GDP grew 2.3% in Q2 2024, driven by private consumption and exports, despite declines in investment and agriculture. GDP growth forecast for 2024 is 2.3%-2.8%, supported by tourism and government spending.
Thailand’s GDP Growth
The National Economic and Social Development Council (NESDC) released a report indicating that Thailand’s gross domestic product (GDP) grew by 2.3% in the second quarter of 2024. This growth was driven primarily by increased private consumption and rising exports of goods and services, reflecting a positive trend in economic activity.
Economic Challenges
Despite this overall growth, several sectors faced challenges, including total investment, agriculture, and construction, which all experienced declines. These setbacks pose risks to economic stability, underscoring the need for targeted support in struggling areas.
Future Projections
Looking ahead, the NESDC forecasts a narrower GDP growth range of 2.3% to 2.8% for the full year of 2024. This optimistic outlook is supported by expected recovery in the tourism sector, growth in domestic consumption, and increased government spending and investment. Inflation is anticipated to remain low, ranging between 0.4% and 0.9%.
Source : Thailand’s GDP grew by 2.3% in the second quarter of 2024
