The Thai business group has upheld its growth forecast for 2024, anticipating a GDP expansion of 2.8% to 3.3%. Thailand’s economy is poised to maintain this projection, with the Joint Standing Committee on Commerce, Industry, and Banking, comprising representatives from these sectors, affirming that exports, a pivotal driver, are expected to increase by 2% to 3% this year.

Last year, Southeast Asia’s second-largest economy recorded a growth rate of 1.9%. The business group’s decision to retain its forecasts is grounded in the deployment of the government budget in the second quarter, providing a boost to the economy. Kriengkrai Thiennukul, Chairman of the Federation of Thai Industries, highlighted during a press briefing that growth is anticipated to improve in the latter half of the year, driven by the enhancement of tourist arrivals.

The business group foresees 34 million to 35 million foreign arrivals in 2024, with tourism being a crucial driver for Southeast Asia’s second-largest economy. The expected improvement in growth is attributed to the deployment of government funds and the positive impact of increasing tourist numbers. Prior to the pandemic, Thailand welcomed nearly 40 million visitors, contributing 1.91 trillion baht ($53.41 billion) to the economy.

In 2023, the country registered 28 million foreign visitors, generating tourism revenue of 1.2 trillion baht ($33.71 billion).

(Source: Channelnewsasia)