Thai Finance Ministry raises GDP growth expectations to 2.7% in 2024

BANGKOK : Thailand's economy is expected to grow 2.7 per cent in 2024, the Finance Ministry said Friday, up from a previous forecast of 2.4 per cent due to higher foreign tourist arrivals and exports.

"It's a good number, but we have to do better."The growth forecast did not factor in the 450 billion baht cash handout scheme to be rolled out in the fourth quarter, Paopoom said, adding that would contribute 1.2 to 1.8 per centage points to growth.Tourism is a key driver of Southeast Asia's second-largest economy and the ministry now expects 36 million foreign arrivals, who are expected to stay longer and spend an estimated 1.

The Thai economy expanded 1.9 per cent last year, slower than expected and less than 2.5 per cent growth in 2022.

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