Bangkok Post – Thailand’s economic growth target faces several risks

PUBLISHED : 5 Jan 2025 at 17:47

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Danucha Pichayanan, secretary-general of Thailand’s National Economic and Social Development Council (photo: NESDC)

Growth in Thailand’s tourism and export sectors, together with government investments, will likely help spur the economy this year, according to the Office of the National Economic and Social Development Council (NESDC). However, whether or not the country can achieve 3% GDP growth this year, a goal set by the government, still remains to be seen, it says.

As of Dec 29 last year, Thailand had welcomed 35 million international tourists, which is very close to the government’s 2024 target, NESDC secretary-general Danucha Pichayanan said on Sunday.

When compared with figures from 2023, international tourists spent slightly more in 2024, he said.

For this year, the government is aiming to attract even more visitors to Thailand, he said. New measures to improve passenger convenience at airports nationwide should help further support growth in the tourism sector.

Growth in the tourism sector this year will only be slightly higher than that of last year’s, he said. The country’s actual tourism situation is very close to that before the Covid-19 pandemic.

Expected growth in exports along with more government investments this year will likely help contribute to the overall economic growth rate as well, he said.

Asked if the government’s 3% growth target will likely be achieved, Mr Danucha said that the government based this target on the country’s capacity, and there are still several risk factors, particularly from outside the country.

These negative factors, especially ones concerning the international trade situation, will be constantly monitored so the government knows how they would impact the country, he said.

Asked about the implementation of the third phase of the government’s digital wallet handout, Mr Danucha said he couldn’t say much about the scheme, adding that the permanent secretary for finance should have more information on the matter.

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