Thailand Ups 2025 GDP Forecast as US Slashes Tariffs on Thai Imports

Thailand has raised its 2025 economic growth forecast to between 1.8% and 2.2%, up from 1.5% to 2.0%, after the US lowered proposed tariffs on Thai imports to 19% from 36%. The US remains Thailand’s largest export market, accounting for 18.3% of shipments and importing USD54.96bn worth of goods in 2024. Export growth is now expected at 2% to 3%, reversing earlier flat or negative projections. However, the Thai economy still faces headwinds in H2 2025, including a strong baht, weakening US demand, and border tensions with Cambodia. Despite the upward revision, Thailand’s projected growth still lags behind regional peers following 2024’s 2.5% expansion.