Thailand Targets Economic Growth with Tourism and Investment

Thailand: Thailand aims for at least 3% economic growth in 2024, seeking to attract 36.7 million tourists and boost public and private investment, according to Finance Minister Pichai Chunhavajira.

Despite lagging behind regional peers due to high household debt and borrowing costs, the government plans to disburse 70% of the investment budget by September and accelerate private investment. The economy grew 1.9% last year, with slow growth continuing into the first quarter of this year.

To support credit access, a 50 billion baht (USD 1.36 billion) credit guarantee scheme and 100 billion baht (USD 2.72 billion) soft loans will be proposed. Despite low inflation, the Bank of Thailand is expected to maintain its key interest rate at 2.50%.

Source: Malaya Business Insight