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World Bank cuts Thailand growth forecast



The World Bank forecasts Thailand’s economic growth to hit 2.8% this year, with a slight increase to 3.0% in 2025, revised down from earlier predictions due to weak exports and budget delays. Southeast Asia’s second-largest economy saw a 1.9% expansion in 2023, but experienced a contraction in the final quarter. The Thai central bank has also adjusted its 2024 growth forecast to between 2.5% and 3.0%. A slowdown in global trade and postponed government spending are key factors behind the reduced outlook, alongside dimmer expectations for exports and public investment. However, tourism and private consumption, boosted by a projected 90% return to pre-pandemic tourist levels and a target of 40 million foreign visitors, are anticipated to drive growth.

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