Thai central bank sees economy slowing in second half as tariffs hit exports
Thailand’s economy is expected to slow in the second half of the year and faces heightened uncertainty, the central bank said on Wednesday, as consumer confidence hit the lowest level in more than two years.
Thai exports, a key driver of the economy, were expected to contract 4 per cent on a yearly basis in the second half of the year as a result of the tariffs imposed by the United States, the Bank of Thailand said.
The United States was Thailand’s largest export market last year, accounting for 18.3 per cent of total shipments and reaching a value of $55 billion. Washington says its trade deficit with Thailand hit $45.6 billion in 2024.
Southeast Asia’s second-largest economy faces tariffs of 36 per cent from Washington if a deal cannot be reached before August 1.
