Thailand's Economy Grows 2.5% in 2024, Underperforms Expectations

Thailand's economy grew by 2.5% in 2024, falling short of the anticipated 2.7% and marking an improvement from the previous year's 1.9%. The fourth quarter saw a GDP increase of 3.2% year-on-year, below the expected 3.8% according to a Bloomberg News survey. Economists are urging the Thai government to implement more stimulus measures to bolster growth amid persistent challenges in global trade and sluggish domestic demand. The Bank of Thailand has identified trade policy spillovers, particularly from the US-China trade rivalry, as significant risks to future growth. Despite improvements in tourism and exports, household consumption and manufacturing remain under pressure. The overall economic outlook for 2025 continues to be uncertain due to these ongoing challenges.