Thai economy on track for 3-3.5% growth, says finance minister

Finance Minister Pichai Chunhavajira said he hopes the Thai gross domestic product (GDP) will expand by 4% in the fourth quarter, potentially boosting this year’s overall GDP expansion to 2.7-2.8%.

Speaking at the opening ceremony of the Money Expo 2024 at Queen Sirikit National Convention Centre in Bangkok on Thursday, Pichai noted that the Thai economy was on track for growth. He said the projection of 2.7-2.8%  growth was far better than last year, when the economy grew by just 1.9%. 

Next year, he said, the economy could potentially rise by 3-3.5% thanks to an increase in exports and tourism, with foreign arrivals expected to reach around 39.9 million compared to 36 million this year. 

Pichai also highlighted the potential for growth in foreign direct investments (FDIs), especially within the Eastern Economic Corridor (EEC). These positive trends, he said, can be expected to bolster the Thai economy. 

He also noted that consumption will likely rise next year, thanks to government initiatives like the “You Fight, We Help” project, which aims to assist those burdened with debt and bring down the level of non-performing loans. 

For those who owe money to non-banking institutions, Pichai said the government was exploring solutions, including soft loans to provide relief. 

“We are hopeful that the post-pandemic recovery will empower more people with purchasing power, thereby boosting confidence in the economy and contributing to a decline in NPLs,” he said.