NESDC Cuts Thailand’s GDP Forecast

BANGKOK, Feb 19 (TNA) – The Office of National Economic and Social Development Council (NESDC) has cut Thai GDP for the fiscal year 2024 to 2.2-3.2% growth, down from the previous projection of 2.7-3.7%.

This adjustment comes after the economy expanded by 1.9% in 2023, down from 2.5% growth in 2022.

In the fourth quarter of 2023, GDP grew by 1.7%, driven primarily by increased exports and household consumption.

Government spending decreased due to reduced spending on goods and services in the market system, as well as decreased spending on healthcare related to COVID-19, alongside a decline in overall investment.

Danucha Pichayanan, NESDC Secretary-General emphasized the need for serious consideration of financial measures to drive the Thai economy forward. These measures include interest rate policies particularly for households and SMEs, as well as implementing relaxation measures for minimum credit card payments to support increased spending by households and small businesses.

The NESDB expects the countrys’ tourism industry to thrive as a significant economic driver for Thailand. The number of foreign visitors are forecast  at 35 million this year, with an estimated expenditure of 1.22 trillion baht. -819 (TNA)