Thailand cuts growth forecast on US tariff impact

Thailand’s economy is projected to grow between 2.0% and 2.2% in 2024, down from an earlier forecast of 2.4% to 2.9%, due to pressure from US tariffs, a top business group said. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) also lowered its export growth outlook to 0.3%–0.9%, from a previous 1.5%–2.5% projection. The group warned that Thailand could be disadvantaged if rivals secure better tariff terms before a moratorium on the 36% US duty expires in July. The appreciation of the baht was also flagged as a concern for exporters. Last week, Thailand’s Finance Ministry cut its 2024 growth forecast to 2.1% from 3.0%, citing external trade pressures and global economic uncertainties.