Thailand revises GDP forecast

Thailand’s Ministry of Finance has raised its 2024 GDP growth forecast to 2.7% from a previous estimate of 2.4%, citing improved tourism prospects and stronger exports, officials said on Friday. The upward revision is driven by an expected influx of 36 million foreign tourists, a projected export growth of 2.7%, and anticipated private consumption growth of 4.5%, up from earlier estimates.

The ministry’s outlook takes into account global economic conditions, particularly in the United States, China, and Europe, as well as the impact of visa exemption measures for several countries and government initiatives such as a 100 billion baht soft loan program for SMEs. Officials are monitoring external risks including geopolitical conflicts, global financial market volatility, and natural disasters.