BANGKOK — On August 19, 2024, Mr. Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), announced the Gross Domestic Product (GDP) figures for the second quarter of 2024 and the outlook for the Thai economy in 2024. The Thai economy expanded by 2.3%, following a 1.6% growth in the first quarter. After seasonal adjustment, the Thai economy grew by 0.8%.
The Thai economy benefited from a 4% expansion in private consumption, a 0.3% growth in government consumption, and exports expanding by 1.9% for goods and 19.8% for services. However, total investment still contracted by 6.2%.
Nevertheless, the disbursement of public investment is still below target but is expected to improve in the second half of the year with increased disbursements compared to the previous period. For the 2025 fiscal year, budget disbursements are expected to be on schedule.
The NESDC forecasts that Thailand’s GDP this year will expand by 2.3-2.8% (with a median of 2.5%), supported by key factors:
- Continuous recovery of the tourism sector
- Good expansion of domestic consumption
- Increased momentum from government spending and investment
- Slow return to growth in goods exports in line with global trade recovery
Private consumption and investment are expected to grow by 4.5% and 0.3% respectively. The value of goods exports in US dollar terms is projected to grow by 2.0%. The inflation rate is expected to be in the range of 0.4-0.9%, and the current account is forecast to have a surplus of 2.3% of GDP.
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