Thailand’s economy is projected to expand by 2.7% in 2024, driven by a surge in foreign visitors, Prime Minister Paetongtarn Shinawatra announced on Thursday. The country expects 36 million international arrivals this year, marking a 28% increase from the previous year, boosting the tourism-dependent economy.
Addressing a business forum, Ms. Paetongtarn emphasized the nation’s economic recovery, stating, “The economy is in the recovery phase. Each quarter has exceeded expectations.” Economic growth in the third quarter, measured year-on-year, reached 3%, the fastest pace in two years. However, analysts warn of challenges ahead, including global trade tensions.
Exports, accounting for 60% of Thailand’s GDP, are at risk if the United States implements measures targeting countries with trade deficits, such as Thailand and China. The Prime Minister noted that 10% of Thailand’s exports go to the U.S., and the government plans to adopt support measures to mitigate potential impacts.
Looking ahead, Thailand aims to accelerate economic activity with a proposed investment of over 960 billion baht (approximately USD 27.74 billion) in 2025, surpassing earlier growth forecasts. The state planning agency has projected economic growth of between 2.3% and 3.3% for next year.
The government plans to share its achievements and future strategies on December 12 as part of a 90-day performance review. While acknowledging slow recovery from the COVID-19 pandemic due to a weak manufacturing sector and high household debt, officials remain optimistic about long-term stability. Ms. Paetongtarn reassured foreign investors of consistent policies, stating the administration intends to remain in power until its term concludes in 2027.
In attendance at the forum were key government officials, economists, and industry leaders, underscoring a collective focus on sustaining Thailand’s growth trajectory.
