BANGKOK, Thailand – Prime Minister Paetongtarn Shinawatra has stressed the need to continue to stimulate the economy for the better living conditions of the people. She quoted a report that Thailand’s GDP in the third quarter of 2024 had expanded by 3 percent, saying that the growth rate was considered a good sign for the Thai economy.
The report on the Thai Economic Performance in the Third Quarter of 2024 was issued recently by the Office of the National Economic and Social Development Council. It stated that, in the first nine months of 2024, the Thai economy expanded by 2.3 percent.
In the third quarter, public investment grew by 25.6 percent, marking the first expansion in six quarters, compared with a decrease of 4 percent in the previous quarter. As for the first nine months of 2024, total investment declined by 1.7 percent, in which private investment contracted by 1.4 percent and public investment by 2.3 percent.
The Thai economy in 2024 is projected to expand by 2.6 percent. Headline inflation is estimated to be at 0.5 percent and the current account is projected to record a surplus of 2.5 percent of GDP. Key supporting factors include the increase in government consumption and investment and tourism growth.
Prime Minister Paetongtarn said that visitor arrivals continue to grow, showing that Thailand’s tourism sector has started to rebound. International tourist arrivals are expected to reach 36 million this year and 40 million next year.
She pointed out that the Government’s policy on tourism would continue to focus on visa-free entry to encourage tourists from target countries to visit Thailand, the improvement of airport services, and the development of Thailand as a “festival country.”
The Prime Minister also indicated three opportunities for Thailand to revive its economy next year. These opportunities include the development of Thailand into the “kitchen of the world,” the promotion of the wellness industry, and the increase in Thailand’s economic value from the promotion of “soft power.”
The Prime Minister said that the Government would announce its 90-day performance on 12 December 2024, when new programs would also be introduced as New Year’s gifts for the people. (PRD)
