Cargo ships are pictured near the port in Bangkok, Thailand, March 25, 2016. REUTERS/Athit Perawongmetha/File photo/
BANGKOK – Thailand’s economic growth is expected at 2.5 percent this year before accelerating to 3.2 percent in 2024, supported by a recovery in tourism, exports and sustained private consumption, the World Bank said on Thursday.
The growth outlook for 2023 and 2024 was reduced from 3.4 percent and 3.5 percent estimated in October, respectively. Southeast Asia’s second-largest economy expanded 2.6 percent in 2022.
Growth in 2023 was dampened by a contraction in exports as well as ongoing fiscal consolidation, the World Bank said.
READ: Thai Q3 GDP growth misses forecast amid exports slowdown
Tourism and private consumption will be key growth drivers while exports are expected to rebound due to favorable global trade despite the slowing Chinese economy, the…
