IMF revises Thailand’s GDP growth forecast for the year to 2.9%
The International Monetary Fund (IMF) has revised upwards Thailand’s GDP growth forecast to 2.9% for this year, up by 0.2 percentage point over the previous forecast, but maintained 3.1% for next year.
Meanwhile, the IMF’s World Economic Outlook report is maintaining the global economic growth forecast for this year at 3.2% and raised it to 3.3% for next year, unchanged from its previous April report.
However, there have been adjustments in specific country forecasts.
The report has lowered the growth forecast for the United States by 0.1 percentage point to 2.6% for this year while raising forecasts for major economies such as China by 0.4 percentage point to 5% this year and India by an additional 0.2 percentage point to 7%.
The IMF report notes that global economic growth over the next two years is expected to be moderate. Economic activity in the United States has cooled down, Europe has passed its low point, and China shows improved consumption and exports.
However, the IMF has warned that the inflation momentum is slowing, which could affect the Federal Reserve's interest rate cuts multiple times, potentially keeping the US dollar strong, and impacting developing countries.
IMF chief economist Pierre-Olivier Gourinchas said: "The synchronised slowdown across key advanced economies is more pronounced, reflecting production gaps that are narrowing."
"The report highlights that global trade volumes are adjusting upwards this year, driven by strong exports from Asia, particularly in the technology sector," he said.
While China and India are expected to boost global economic activity this year, adjustments to the US and Japan growth forecasts underscore a challenging global economic landscape ahead.
The IMF has lowered its forecast for Japan’s growth to 0.7% in 2024, down from the previous 0.9%.
