Thailand slashes growth forecast amidst US tariffs
The Thai economy grew by 3.1% in Quarter 1, slightly down from 3.3% in Quarter 4 last year. Against the backdrop, the National Economic and Social Development Council reduced its annual growth projection to between 1.3-2.3%, down from the previous forecast of 2.3-3.3%.
NESDC Secretary – General Danucha Pichayanan (Photo: The Nation)
Bangkok (VNA) – Thailand has lowered its economic growth forecast this year due to trade disruptions stemming from US President Donald Trump's tariff policies.
According to the National Economic and Social Development Council (NESDC), the Thai economy grew by 3.1% in Quarter 1, slightly down from 3.3% in Quarter 4 last year. Against the backdrop, the agency reduced its annual growth projection to between 1.3-2.3%, down from the previous forecast of 2.3-3.3%.
NESDC Secretary – General Danucha Pichayanan attributed the downward revision to uncertainties surrounding tariff issues and a decrease in projected tourist arrivals this year. Following a decline in Chinese visitors in Quarter 1, Thailand lowered its 2025 tourism forecast to 37 million visitors, as compared to the earlier projection of 38 million.
Additionally, he held that the economy is expected to continue slowing in Quarter 2 as private investment remains cautious pending the outcome of negotiations with the US.
According to President Trump's previous announcement, Thailand faces a potential 36% reciprocal tariff from the US. Implementation of this tariff has been suspended for 90 days, until early July, for bilateral negotiations./.
The Finance Ministry will propose new measures to stimulate the economy and mitigate the impact of the US’ reciprocal tariff measures, which are expected to affect domestic businesses over the next one to two years.
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