23-1-2024 (BANGKOK) The finance ministry of Thailand has revised its economic growth projections, expecting a slower pace of expansion for 2024. According to a statement released on Tuesday, the country’s economy is now forecasted to grow by 2.8 percent this year, a significant downgrade from the previous projection of 3.2 percent.
In addition, the gross domestic product (GDP) growth for the previous year has also been revised downward. Initially anticipated at 2.7 percent, it is now estimated to have reached only 1.8 percent.
The tourism sector, a vital contributor to Thailand’s economy, is also expected to face challenges. The projected number of foreign tourist arrivals for 2024 has been revised to 33.5 million, a decline from the earlier expectation of 34.5 million.
Regarding exports, the outlook remains positive but slightly tempered. The new forecast suggests a growth rate of 4.2 percent for this year, slightly lower than the previous projection of 4.4 percent. As for last year’s exports, they were initially expected to contract by 1.5 percent.
Despite the downward revisions, the finance ministry’s statement highlights the expectation of a faster economic growth rate compared to the previous year.
