Thai economy likely grew fastest in over two years in Q4: Reuters poll

“On the expenditure front, private consumption, the heavyweight of GDP, has faltered, signaling broader economic weakness,” Tan said.

While the government expects Thailand’s economy to grow 3.0%in 2024, up from 1.9% in 2023, central bank Governor Sethaput Suthiwartnarueput cautioned that weak consumption could hold back growth.

In an interview with Reuters, he suggested actual growth might be closer to 2.7%, aligning with the Reuters poll median.

An economic slowdown in China – Thailand’s largest trading partner and a key source of tourism revenue – along with weak global demand and the escalating US-China trade war could further pressure the country’s trade prospects and weigh on its growth outlook this year.

A separate Reuters poll projected Thailand’s economic growth to average 2.9% in 2025. Deputy Finance Minister, Julapun Amornvivat, estimated the economy to grow 3.5%.

Reuters