Thailand’s Economic Growth Strengthens in Q2 Amid Boost from Tourism and Consumption
Thailand’s GDP growth strengthened to 2.3% in Q2 2024, driven by higher consumption, tourism, and exports.
Bollywood Fever: Thailand’s economic growth accelerated in the second quarter of 2024, fueled by increased consumption, a boost in tourism, and stronger exports, according to official data released on Monday.
The National Economic and Social Development Council (NESDC) reported that Southeast Asia’s second-largest economy grew by 2.3% year-on-year from April to June, surpassing analysts’ expectations of a 2.1% expansion as forecasted in a Reuters poll.
This growth marks an improvement from the upwardly revised 1.6% growth in the first quarter of 2024.
On a quarterly basis, Thailand’s GDP grew by a seasonally adjusted 0.8% in the second quarter, though this was slightly below the 0.9% growth expected by analysts and the revised 1.2% expansion seen in the previous quarter.
While private consumption continued to bolster economic performance, the NESDC noted a contraction in both public and private investments during the same period.
Despite these mixed signals, the planning agency narrowed its full-year GDP growth forecast to a range of 2.3% to 2.8%, compared to an earlier projection of 2.0% to 3.0%. This follows last year’s growth rate of 1.9%.
Thailand’s economy has struggled to keep pace with its regional peers, grappling with high household debt, rising borrowing costs, and sluggish export performance amid economic slowdown in its largest trading partner, China.
However, the NESDC maintained its export growth forecast at 2% for the year, indicating cautious optimism for the remainder of 2024.
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