Thailand downgrades 2024 GDP growth projection to 2.8%

BANGKOK (Reuters) – Thailand’s economy is expected to grow 2.8% this year, a sharp downgrade from a previous projection of 3.2%, the finance ministry said in a statement on Tuesday.

Gross domestic product (GDP) growth last year is seen at 1.8%, down from 2.7% seen earlier.

Foreign tourist arrivals in 2024 are forecast at 33.5 million, a decline from a previous expectation of 34.5 million.

Exports are expected to grow 4.2% this year from a previous forecast of 4.4%. Last year’s exports were projected to contract 1.5%.

The economy is expected to grow faster than last year due to higher exports, services and tourism arrivals, the statement said.

(Reporting by Kitiphong Thaichareon and Chayut Setboonsarng, Edited by Kanupriya Kapoor)