Gross domestic product (GDP) growth rate in Thailand 2024

Thailand: Growth rate of the real gross domestic product (GDP) from 2014 to 2024 (compared to the previous year)

by H. Plecher, last edited Aug 9, 2019
Gross domestic product (GDP) growth rate in Thailand 2024Thailand’s gross domestic product (GDP) grew at a rate of 4 percent in 2017. It is expected to grow slightly faster in the coming year before converging to a long-run growth rate around 3.5 percent. This steady growth can be attributed to Thailand’s relatively developed economy.
The Thai economy

Thailand relies less on agriculture and more on employment in the service sector, which is a sign of a more advanced economy. This development is also apparent in its GDP per capita, which is one of the highest in Southeast Asia. One aspect of a developed economy is that it is more diverse, and thus less exposed to economic shocks. This statistic reflects that robustness in its optimistic view of Thai GDP growth.

Domestic factors

Thailand has posted an incredibly low unemployment rate for several years, which suggests that the workforce matches the demand for labor remarkably well. Equally important, the inflation rate tends to be low and stable, though sometimes too low. If Thailand wants to realize the positive projections in this statistic, the inflation rate of the baht should be between 2 and 3 percent, according to most economists.
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Thailand: Growth rate of the real gross domestic product (GDP) from 2014 to 2024 (compared to the previous year)

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