Bank of Thailand predicts 2024 growth of 4.4%

The Bank of Thailand has maintained its GDP growth forecast for next year at 4.4%, inclusive of the government’s economic stimulus measures, says assistant governor Piti Disyatat.

The Monetary Policy Committee (MPC) voted on Sept 27 to raise its benchmark interest rate by a quarter-point to 2.5%, the highest level in a decade.

The MPC also cut its growth forecast for 2023 from 3.6% to 2.8%, yet hiked its outlook for next year from 3.8% to 4.4%.

Prime Minister Srettha Thavisin and Deputy Finance Minister Julapun Amornvivat predicted the government’s planned 560-billion-baht digital wallet policy, as well as the expansion of domestic trade and investment schemes, will lead to economic expansion of 5% next year.

Mr Piti said the government’s planned stimulus measures next year will produce a fiscal multiplier of 0.3-0.6%, meaning for every 100 baht spent…