Thailand GDP Q1 2024 +1.5%

According to the latest data released from the National Economic and Social Development Council, Thailand’s economy grew by 1.5 per cent in the first quarter of 2024.

Growth was driven by exports, private consumption and investment, but public investment and government expenditure contracted.

On a quarterly basis, the Thai economy expanded by 1.1 per cent in the first three months of 2024, slower compared to the 1.7 per cent recorded in Q4 2023.

Thai government expects GDP growth for 2024 to be between 2 and 3 per cent; in 2023, the growth was 1.9 per cent.

In its latest outlook, the International Monetary Fund estimated Thailand GDP growth rate to be 2.7 per cent in 2024 and 2.9 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.