Boao Forum for Asia looks at ASEAN: Thailand is one of the driving forces of global economic growth

... Although the short-term economic outlook remains uncertain, the long-term fundamentals remain stable and improving.

The National Economic and Social Development Council (NESDC) of Thailand reported that Thailand's gross domestic product (GDP) grew by 1.5% year-on-year in the third quarter of 2023, a lower growth rate than the previous quarter's 1.8%, and a seasonally adjusted quarter-on-quarter growth rate of 0.8%. In the first three quarters of 2023, Thailand's economy grew by 1.9% year-on-year.

The National Economic and Social Commission (NESDC) predicts that Thailand's economy will grow by 2.7% to 3.7% in 2024 (the median forecast is 3.2%), with the main supporting factors including: (1) the resumption of export expansion; (2) good growth in private consumption and private investment; and (3) the continued recovery of the tourism industry. It is predicted that private consumption and private investment will grow by 3.2% and 2.8% respectively, and the total value of goods exports denominated in US dollars will increase by 3.8%. The overall inflation rate is 1.7-2.7%, and the current account surplus is 1.5% of GDP.

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