Thailand's Finance Ministry has forecast economic growth exceeding 3% for 2025, driven by strong domestic consumption, tourism recovery and increased investment, officials said on Thursday.
Fiscal Policy Office (FPO) director-general Pornchai Thiraveja said consumer spending is expected to grow by 3.3%, supported by government stimulus measures and higher agricultural income. Exports are projected to rise by 4.4% as global demand recovers.
"The tourism sector continues to be a key economic driver. We expect to welcome 38.5 million international visitors this year, generating revenue of 1.83 trillion baht," Pornchai said.
(left) Pornchai Thiraveja
Private investment is forecast to increase by 2.7%, bolstered by major projects approved by the Board of Investment (BOI). The BOI reported investment applications reached a 10-year high of 1.14 trillion baht in 2024, indicating strong investor confidence.
Public investment is expected to grow by 3.4% as the government pushes forward with infrastructure development.
The ministry believes growth could reach 3.5% under favourable conditions, though Pornchai emphasised the need to monitor several risk factors.
"We must remain vigilant about potential challenges, including US economic policies, global geopolitical tensions, and domestic issues such as household debt," he said.
The Finance Ministry plans to use fiscal tools to promote sustainable growth while supporting vulnerable groups. It is also prioritising household debt resolution and aims to develop Thailand as a regional financial hub.
"Our focus is on building long-term economic resilience," Pornchai said. "This includes addressing household debt and enhancing Thailand's competitiveness in the global economy."
Meanwhile, the ministry will closely monitor a variety of factors that may influence economic growth. This includes the potential repercussions of the recent US presidential election, shifts in international trade relations, and fluctuations in tourist confidence levels.
Additionally, the ministry will be attentive to the effects of ongoing global conflicts as well as the challenges posed by household and business debt.