Higher govt spending, export rebound expected to boost Thai GDP growth

Increasing government spending, higher public consumption as well as private investment could boost Thailand’s gross domestic product (GDP) growth in 2024 to 2.7 to 3.7 per cent, the National Economic and Social Development Council (NESDC) said on Friday.

NESDC secretary-general Danucha Pichayanan said the council expected government spending to go up after the budget bill for fiscal 2024-25 come into effect. Meanwhile, public consumption and private investment will also expand due to the improving economy after the Covid-19 crisis, leading to the recovery of tourism and service industries.

The NESDC estimated that the export sector in 2024 would expand 3.8% year on year, as a result of more free trade agreements that would be negotiated with trade partners next year.

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The Nation Reporter