Bank of Thailand Keeps 2024 GDP Growth Forecast at 2.3%
The Bank of Thailand held its 2024 GDP growth forecast at 2.3%, citing strong export growth of 17‑18% and private investment rising around 13% amid AI‑driven inflows. Governor Vithay Ratnakorn warned that structural limits — low investment, weak productivity, an aging workforce and high household debt — cap the economy’s potential at about 2.7%. He urged coordinated, long‑term reforms to lift growth and support SMEs.
Speaking at the National Sirikit Conference Center on October 13, Vithay Ratnakorn, governor of the Bank of Thailand, reiterated the 2.3% GDP growth forecast for 2024, noting that exports are expected to expand 17‑18% and private investment around 13%, bolstered by AI‑related projects and foreign capital. Inflation is seen at about 2.2%, staying within a stable range. However, he stressed that structural constraints — low investment, poor productivity, reliance on outdated industries, a shrinking labor force from an aging society, weak education, and high household debt (roughly 86‑87% of GDP) — have trimmed Thailand’s potential GDP growth to roughly 2.7%, down from the 5% and 3‑4% rates seen in the past. Addressing these issues will require coordinated, long‑term policies involving all agencies and monetary measures to boost economic potential, improve living standards, and strengthen small and medium enterprises.
