*Update in April, October each year*
Thailand is Southeast Asia’s second largest economy with a GDP of US$ 514.9 billion in 2023. It is expected to grow by 2.7% in 2024, reaching US$ 548.8 billion. The main supporting factors for economic growth include the rebound in Thailand's exports as global trade recovers, healthy growth in private consumption and investment, and the continued recovery of the tourism industry.
However, Thailand is facing issues such as an aging population, declining labor productivity, and excessive debt levels for households and small and medium-sized enterprises. In recent years, its economic growth rate has lagged behind that of other major economies in Southeast Asia. According to the International Monetary Fund (IMF) forecast, Thailand’s GDP is expected to grow by 2.9% in 2025 and 3.0% in 2026, ranking last among the six key southbound countries.
Since taking office in September 2023, Thai Prime Minister Srettha Thavisin’s main policy goal has been to stimulate the economy by relieving people's debt, restructuring the country's energy consumption, and increasing tourism revenue. If the reform goes smoothly, the economic growth rate is expected to increase.
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*Update in April, October each year*
Thailand's GDP per capita in 2023 was US$ 7,337. It is estimated that in 2024, the GDP per capita will reach US$ 7,811, representing a growth of 6.5% from 2023. According to the World Bank's income classification, Thailand falls into the category of upper-middle-income countries. In the policy statement of the 2024 fiscal budget, Thai Prime Minister Srettha Thavisin announced that the Thai government will strive to develop into a high income country in the next four years. The minimum wage will be raised to 400 baht/ day (approximately US$ 10.8). Some tourist towns have already started implementing these adjustments, which will come into effect on April 13, 2024. It is expected to achieve the minimum wage of 600 baht/ day (approximately US$ 16.2) by 2027, which is one of the goals of the road map towards becoming a high income country.
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*Update in April, October each year*
The main categories covered by Thailand’s CPI include food and non-alcoholic beverages, transportation and communication, housing and furnishing, medical and personal care, recreation and education, apparel and footwear, tobacco and alcoholic beverages.
CPI increased by 1.23% year over year in 2023. As the government continued to implement measures to reduce the cost of living, the CPI growth rate was lower than the 6.08% recorded in 2022. Regarding the trend of inflation, the National Economic and Social Development Council (NESDC) predicts that headline inflation will be in the lower range of 0.9 – 1.9% in 2024, as the government prefers to continue lowering the prices of some products.
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*Update in April, October each year*
Thailand's PPI covers three main categories, namely agricultural and fishery products, mining products, and industrial products.
The PPI in 2023 decreased by 2.4% compared with 2022. Due to the decline in energy prices in the global market and the slow recovery of Thailand's economy, compounded by the appreciation of the baht and reduced exports, both the average production volume and the prices of Thai manufacturers were lower than in 2022.
Due to issues of food security caused by climate change, the price index of agricultural products and food is expected to continue rising. This is coupled with expectations for improvements in Thailand's exports and the government's implementation of economic stimulus measures. As a result, the PPI in 2024 is expected to show a slight increase.
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*Update in April, October each year*
The total applied investment amount of FDI in 2023 soared to THB 663.2 billion, up 72% year over year. The number of project applications increased to 1,394, up 38% year over year. China contributed the most FDI applications, with a total pledged investment of THB 159.3 billion, mostly in electronic and automotive sectors. This accounted for 24% of FDI in 2023.
Singapore ranked second with 194 projects and an applied investment amount of THB 123.3 billion. The country mainly applied for large-scale projects, such as solar cells and electronics industries. The United States ranked third, with a total of 40 projects and an investment of THB 83.9 billion. Japan ranked the fourth, with 264 projects and an investment of THB 79.1 billion. Taiwan ranked the fifth with 94 projects and THB 54.5 billion.
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Thailand's international trade is nearly balanced, with its imports and exports maintaining a slight deficit and surplus over time. Thailand's export value was recorded at nearly US$ 284.5 billion in 2023. Its primary exports included E&E, agricultural products, motor vehicles and parts, etc. Thailand's imports were valued at up to US$ 289.7 billion, with main imports including crude oil, machinery and components, motors and components, E&E, chemical products, etc.
Thailand's top five trading partners of 2023, in order from largest to smallest, were China (with a volume of trade up to US$ 104.9 billion), the United States (US$ 68.3 billion), Japan (US$ 55.8 billion), Malaysia (US$ 25.1 billion), and Taiwan (US$ 21.4 billion). Thailand imported US$ 16.6 billion from Taiwan and exported US$ 4.7 billion to Taiwan.
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