By KITIPHONG THAICHAREON and CHAYUT SETBOONSARNG
BANGKOK- Thailand’s economy is expected to grow 3.0 percent this year, led by increased tourism, exports and private consumption, the finance ministry said on Thursday, unchanged from a previous forecast.
Exports, a key driver of Thai growth, were seen rising 4.4 percent this year, stronger than an earlier forecast of 3.1 percent, Pornchai Thiraveja, head of the finance ministry’s fiscal policy office, told a press conference.
Southeast Asia’s second-largest economy is estimated to have expanded 2.5 percent in 2024, compared with the 2.7 percent growth projected earlier, the ministry said.
Official gross domestic product data is due on Feb. 17.
“Growth last year was revised downwards due to a larger than expected fall in industrial investment from contraction in the auto sector,” Pornchai said.
Thailand is an auto production and export hub and home to regional operations of Japanese carmakers Toyota and Honda But domestic sales hit a 15-year low due to tightening credit conditions and slow exports have dampened the industry with production reaching a four-year low in 2024. – Reuters