BANGKOK, Thailand – Sanan Angubolkul, President of the Thai Chamber of Commerce, revealed that the Joint Private Sector Committee forecasts Thailand’s GDP to grow by 2.8% in 2024, supported by better-than-expected export performance and government economic stimulus measures. The export growth target for the year has been revised upward to 4%.
The economic outlook for 2024 is as follows:
GDP growth: 2.8%
Export growth: 4.0%
Inflation: 0.5%
For 2025, the Thai economy is expected to continue growing, driven by ongoing government stimulus efforts and infrastructure investments. However, there are concerns about potential risks, such as U.S. import tariffs on key export products like electronics, vehicles, and rubber.
Additionally, global economic uncertainties, especially regarding U.S. trade policies under a possible “Trump 2.0” administration, could impact trade and growth, particularly in ASEAN countries. The world economy is predicted to grow at less than 3%, with China’s growth forecast at 4.0-4.5%.
On a separate note, Sanan estimated the economic damage caused by recent floods in northern, northeastern, and southern Thailand at approximately 80,000-85,000 million baht, or about 0.6% of GDP. The floods, particularly affecting agricultural and commercial areas, have had a significant economic impact.
