Thailand’s economy is experiencing its strongest growth in over two years, fueled by a vibrant trade sector and a flourishing tourism industry. Recent data highlights the country’s resilience and ability to capitalize on global market opportunities.
According to a February 6-12 poll of 15 economists conducted by Reuters, Thailand’s gross domestic product (GDP) is projected to have expanded by 3.9% in the fourth quarter of 2024 compared to the previous year, marking a notable improvement from 3.0% in the prior quarter. This growth is largely attributed to a surge in exports and a steady rise in foreign tourists.
“The sustained recovery in Thai exports, particularly in high-value goods and services, is a strong indicator of the country’s growing trade potential,” said Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics. “Coupled with the rebound in tourism, these factors are providing significant economic momentum.”
Despite some domestic challenges, Thailand’s service sector continues to thrive, benefiting from strong international demand. The manufacturing sector has faced some hurdles, particularly in the automotive industry, but ongoing trade diversification is supporting overall economic stability.
Eugene Tan, an associate economist at Moody’s, emphasized the role of international trade in Thailand’s growth. “While household consumption has softened, Thailand’s strong export-driven economy and increasing global connectivity are key strengths.”
The Thai government anticipates a 3.0% economic expansion in 2024, up from 1.9% in 2023, while central bank estimates suggest growth may reach 2.7%. A separate Reuters poll forecasts an average growth rate of 2.9% for 2025, with Deputy Finance Minister Julapun Amornvivat predicting a 3.5% expansion, driven by strengthened trade partnerships and continued tourism gains.
As Thailand enhances its role in global commerce, strategic investments in trade infrastructure and economic diversification will support long-term growth and stability.
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