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(KPL/Xinhua) Thailand's economic growth is projected to be 2.4 percent in 2024
(KPL/Xinhua) Thailand's economic growth is projected to be 2.4 percent in 2024, down from the 2.8 percent forecast in April, mainly due to weaker-than-expected exports and contracted public investment earlier this year, the World Bank said on Wednesday.
According to the bank's Thailand Economic Monitor, the country's growth will be supported by sustained private consumption as well as a recovery in tourism and merchandise exports.
Private spending and tourism will remain key drivers of Southeast Asia's second-largest economy, but their pace will slow, the World Bank said in a statement, adding that tourism is projected to return to pre-pandemic levels in mid-2025.
The Thai economy grew 1.9 percent in 2023. The recovery faltered owing to global and local headwinds, as growth dropped to 1.5 percent in the first quarter of 2024 compared to a year earlier, the bank said.
Delays in the government's budget disbursement, along with exposure to tourism and trade, caused the Thai economy's post-pandemic recovery to lag further behind regional peers, the Washington-based bank noted.
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