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Thailand's Q3 GDP growth hits 2-year high at 3.0%
Thailand's economy grew by 3.0% year-on-year in the third quarter of 2024, exceeding analysts’ forecasts of 2.6% and marking its fastest pace in two years. Seasonally adjusted quarterly growth reached 1.2%, the highest in 18 months, signaling a recovery from earlier sluggish performance.
Key drivers included tourism, government spending, and investment. The country is expected to welcome 36 million foreign tourists in 2024, generating US$51.5 billion in revenue.
To sustain growth, the government aims for a 3.5% expansion by 2025 and plans additional stimulus measures, including the second phase of a US$14 billion relief package.
Despite progress, challenges such as high household debt (89.6% of GDP) in the second quarter and limited fiscal space persist.
In October, the central bank cut interest rates to 2.25%, its first reduction since 2020, to support growth ahead of its next policy review in December.
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