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BANGKOK: Thailand’s economy is expected to grow 2.7% in 2024, faster than a previous forecast of 2.4%, thanks to a rise in foreign tourist arrivals and exports, the Finance Ministry said on Friday.
“We are seeing positive signs for exports due to improving economic growth among trading partners,” Deputy Finance Minister Paopoom Rojanasakul said, adding that Thailand’s economic growth could reach 3% this year due to policies that are still to be implemented.
“It’s a good number, but we have to do better.” Paopoom said the growth forecast did not take into account the 450 billion baht ($12.5 billion) cash handout program launched in the fourth quarter, adding that it would contribute 1.2 to 1.8 percentage points to economic growth.
Exports are expected to grow 2.7% in 2024, higher than the earlier forecast of 2.4%.
Tourism is a key driver of Southeast Asia’s second-largest economy, and the Ministry of Tourism now expects to welcome 36 million foreign tourists, who are expected to stay longer and spend 1.69 trillion baht more due to the easing of visa requirements, Paopoom said.
The previous forecast was that foreign tourists would reach 35.7 million, with an estimated spending of 1.59 trillion baht.
Thailand’s economic growth last year was 1.9%, lower than expected, and the economic growth rate in 2022 is expected to be lower than 2.5%.
The Thai Finance Ministry expects the baht to average 36.2 baht per dollar in the first half of this year, slightly lower than 36 baht in April, due to capital outflows.
($1 = 36.1300 THB)
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