World Bank cuts Thailand's 2024 growth outlook to 2.8%
Thailand's economic growth is projected at 2.8% in 2024, down from 3.2% expected in December 2024 due to dimmer export and public investment prospects, the World Bank (WB) reported on April 1.
The World Bank cuts Thailand's 2024 growth outlook to 2.8%. (Photo: VNA)
Hanoi (VNA) – Thailand's economicgrowth is projected at 2.8% in 2024, down from 3.2% expected in December 2024 due to dimmer export and public investment prospects, the World Bank (WB) reportedon April 1.
Accordingto the bank's East Asia and Pacific April 2024 Economic Update, the country'sgrowth was hampered as the manufacturing sector suffered from weak externaldemand and public investment slowed owing to a delayed fiscal budget.
TheThai economy grew 1.9% in 2023 and contracted 0.6% in the final quarter of 2023 compared to thethird quarter.
🅠 The bank acknowledged that tourism andprivate consumption will be key drivers to the Southeast Asia's second-largesteconomy. Meanwhile, exports are expected to grow by 5% in 2024 thanks tofavourable global trade.
It also said that inbound tourists are anticipated to reach 90% ofpre-pandemic levels this year, with Chinese visitors, the largest source oftourists for Thailand, expected to reach 62% of pre-pandemic levels. Thenation's tourism recovery is projected to return to pre-pandemic levels bymid-2025. The report citedthat there are upside risks to domestic demand if the government's digitalwallet handout scheme is implemented. However, there are still concerns overincreased geopolitical tensions and high oil prices, which could cause anotherinflationary spike given the kingdom's reliance on energy imports./.
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The World Bank cuts Thailand's 2024 growth outlook to 2.8%. (Photo: VNA) 
