Thailand revises 2024 GDP growth forecast to 2.7% on tourism boost

BANGKOK, July 26 (TNA) - Thailand's Ministry of Finance has raised its 2024 GDP growth forecast to 2.7% from a previous estimate of 2.4%, citing improved tourism prospects and stronger exports, officials said on Friday.

The upward revision is driven by an expected influx of 36 million foreign tourists, a projected export growth of 2.7%, and anticipated private consumption growth of 4.5%, up from earlier estimates.

"The government's digital wallet program is expected to contribute between 1.2% and 1.8% to GDP growth," said Deputy Finance Minister Paophum Rojanasakul.

The ministry's outlook takes into account global economic conditions, particularly in the United States, China, and Europe, as well as the impact of visa exemption measures for several countries and government initiatives such as a 100 billion baht ($2.76 billion) soft loan program for SMEs.

Officials are monitoring external risks including geopolitical conflicts, global financial market volatility, and natural disasters.

The Thai baht is forecast to average 36.18 per U.S. dollar, while Dubai crude oil is projected at $86 per barrel.

The government is aiming for 3% GDP growth through fiscal and monetary measures, including investment incentives and the 'Ignite Thailand' policy. - 819 (TNA)