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
