Thailand’s growth may fall short of 3% in ’24, expected to rebound ’25

Thailand’s economic growth may not hit 3 per cent this year but is expected to surpass that in 2025 as the government speeds up investment, Finance Minister Pichai Chunhavajira said on Tuesday.

He noted that the economy is strong, with the public debt-to-GDP ratio projected to stay below the 70 per cent ceiling. “The Thai economy is in a growth phase,” he said, adding that “Thailand is about to invest more, so it is not at risk of having its credit ratings downgraded.”

The economy grew 1.9 per cent last year, lagging behind its peers. Pichai said the central bank’s recent rate cut would boost investment and help slow the baht’s appreciation, which has risen 2 per cent this year, making it the region’s second-best performing currency.

Attribution: Reuters

Subediting: M. S. Salama