Thailand downgrades 2024 GDP growth projection to 2.8%

By Reuters January 22, 2024 | 08:02 pm PT

A view of Bangkok's port along Chao Phraya River is photographed during sunset in Bangkok, Thailand, July 19, 2022. Photo by Reuters

Thailand's economy is expected to grow 2.8% this year, a sharp downgrade from a previous projection of 3.2%, the finance ministry said in a statement on Tuesday.

Gross domestic product (GDP) growth last year is seen at 1.8%, down from 2.7% seen earlier.

Foreign tourist arrivals in 2024 are forecast at 33.5 million, a decline from a previous expectation of 34.5 million.

Exports are expected to grow 4.2% this year from a previous forecast of 4.4%. Last year's exports were projected to contract 1.5%.

The economy is expected to grow faster than last year due to higher exports, services and tourism arrivals, the statement said.