SCB EIC revised Thailand’s 2023 growth forecast to 2.6% due to lower-than-expected GDP and slow recovery of Chinese tourists. The Thai economy is expected to grow at 3.0% in 2024, with concerns about slow recovery and uncertainties from external and domestic factors. The report proposes four enhancing policies to address structural issues.
SCB EIC has adjusted its growth forecast for 2023 to 2.6% due to a lower-than-expected Q3 GDP outturn, a significant decrease in government spending, and lower tourist arrivals. The Thai economy is expected to continue growing in 2024 at a rate of 3.0%, driven by expansions in exports and private investment. However, growth may be slower than previously projected due to weaker economic momentum following a high growth of private consumption this year and a slower-than-expected recovery in household income.
