Thailand: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2025 Issue 045

Publication date: February 2025

ISBN: 9798229000741

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Topics covered in this book

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Exports and Imports , Finance , Inflation , Money and Monetary Policy , Public Finance , inflation expectation , inflationtargeting monetary policy framework , supply and use tables , monetary policy analysis , Thai baht , Trade balance , Inflation , Credit , Global

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Summary

Thailand’s cyclical recovery is underway, though it has yet to become broad-based. Growth is projected to accelerate moderately, reaching 2.7 percent in 2024 and 2.9 percent in 2025, supported by the rebound of tourism-related activities and fiscal stimulus. The slow recovery, weaker than in ASEAN peers, is rooted in Thailand’s longstanding structural weaknesses and emerging headwinds that also contribute to a muted inflation trajectory. Significant uncertainty in the external environment and downside risks cloud the outlook.