The Treasury Department revised its forecast for Thailand’s GDP in 2024 to grow by 2.7 percent.

The Ministry of Finance expects GDP in 2024 to expand by 2.7 percent after the number of foreign tourists increases. It is expected that digital money will affect the economy by 1.2-1.8 percent, and people's spending will increase. Mr. Paopum Rojanasakul, Deputy Minister of Finance, revealed that the Ministry of Finance has revised the forecast for Thailand's GDP in 2024 to expand by 2.7 percent from the original forecast of GDP growth of 2.4 percent, up from 2023's expansion of 1.9 percent, due to tourism income. It is expected that there will be 36 million foreign tourists visiting the country, generating 1.7 trillion baht in income, with spending per person per trip of 47,000 baht, resulting from visa exemption measures for many countries around the world. Exports expanded by 2.7 percent, up from the previous 2.3 percent, because the economies of the United States, China, and Europe are still recovering, supporting more Thai exports. Private consumption is also expected to expand by 4.5 percent, up from the previous 3.5 percent, due to an 8 percent increase in agricultural income and an increase in value-added tax on consumption, coupled with the government's measures during this period, such as a 100 billion baht soft loan to top up SMEs and small businesses. The Ministry of Finance also expects that the entire 10,000-baht digital wallet project will improve GDP this year by 1.2-1.8 percent, depending on spending conditions and spending behavior. Sources of funds to support the entire project, not including the impact on the digital economy, money distribution to districts, and reduction of inequality. 'Although the Ministry of Finance has adjusted the GDP target to increase by 2.7 percent, the government wants to do better because it has a target of working to reach 3 percent by providing fiscal measures that are in line with the BOT's financial measures after issuing a soft loan measure of 100 billion baht to inject into the system to provide liquidity to SMEs and other loans, taxes to attract investment , while the IMF predicts that Thailand's GDP will expand by 2.9 percent and many economic agencies estimate that Thailand's GDP will increase from the original due to tourism and the need to create more purchasing power in the country,' said Mr. Pao Bhumi. Mr. Pornchai Thiravet, spokesman for the Ministry of Finance, said that the adjustment of the assumption was due to the forecast of the US economy expanding by 2.4 percent, China expanding by 5 percent, and Japan expanding by 0.7 percent, while external factors such as the Russia-Ukraine conflict, the Middle East, global financial market volatility, slow growth of the European and Japanese economies, China facing real estate and structural problems, severe disasters in many areas around the world, as well as monitoring the results of the US presidential election and the economic policies of the new government, and the economic recovery of Thailand's trading partners. The baht is expected to average 36.18 baht per US dollar, with Dubai crude oil averaging 8 6 US dollars per barrel. Risk factors for crude oil from the US-China trade war trend are expected to be a general inflation rate of 0.6 percent per year, a current account surplus of 11 billion US dollars or 2.4 percent of GDP, and the view that the Ignite Thailand policy and tax measures will attract more investment into the country to increase the country's competitive potential.-515 - Thai News Agency Source: Thai News Agency