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World bank and ADB downgrade Thai GDP growth predictions for 2024
The economic forecast for Thailand in 2024 is uncertain as the World Bank reduces the country’s GDP growth estimate from 3.4% to 2.5%. Factors influencing this include weak exports and fiscal consolidation. Furthermore, the Asian Development Bank (ADB) also downgraded its Thai GDP growth prediction from 3.5% to 2.5% for the same reasons. Looking towards 2024, GDP is expected to grow by 3.2%, a decrease from the previously predicted figure of 3.5%.
In the tourism sector, a key growth driver, recovery to 2019 levels is anticipated by mid-2025, with the slow return of the Chinese market. The Tourism Authority of Thailand (TAT) aims to achieve a revenue target of 2.56 to 3.04 trillion baht (US$74 to 88 billion) to in 2024. To achieve this, the TAT plans to encourage airlines to increase flights and attract more tourists from potential markets, including China and India, reports
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