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Thailand's Finance Ministry Aims for 3.5% Economic Growth in 2025

January, 31 2025

In 2023, GDP grew by 1.6%, and for 2024, growth is projected at around 3%. However, due to the slowdown in the industrial sector, the Fiscal Policy Office (FPO) has revised the 2024 GDP forecast down to 2.5%, before rebounding to 3% in 2025, with the potential to reach 3.5% if supported by sufficient growth drivers.

Mr. Pornchai Thiravech, Director of the Fiscal Policy Office, stated that the Finance Ministry has outlined five key measures to drive Thailand’s economic growth in 2025:

1. Accelerating government budget disbursement to increase investment expenditure from 75% to 80%, injecting 46.5 billion THB into the economy and boosting GDP by 0.11%.
2. Monitoring digital wallet spending, ensuring Phase 3 funds circulate effectively to maximize economic benefits, adding 0.1% to GDP.
3. Advancing the "Housing for Thai People" project, set to begin construction this year, injecting 830 million THB into the economy.
4. Promoting tourism and the 33rd SEA Games, targeting an additional 500,000 foreign tourists, which could raise GDP by 0.15%.
5. Stimulating private sector investment, particularly in BOI-promoted projects like Data Centers and Cloud Regions, which, with at least 75 billion THB in investments, could contribute 0.19% to GDP.

Four Key Economic Growth Drivers in 2025

In addition to the above measures, the Finance Ministry identified four key factors that will support Thailand’s economic growth:

1. Private consumption is expected to grow 3.3% per year, driven by government stimulus measures and increasing farmer incomes.
2. Exports are projected to expand by 4.4%, in line with the global economic recovery and key trading partners' demand.
3. Tourism is expected to attract 38.5 million international visitors, generating 1.83 trillion THB in tourism revenue.
4. Private investment is forecasted to grow 2.7% per year, particularly in BOI-promoted projects, which have recorded the highest investment applications in 10 years.

Thailand’s Economic Stability Remains Strong

The Finance Ministry projects headline inflation at 0.9%, reflecting stable domestic demand. Meanwhile, the current account surplus is expected to reach $13 billion USD (2.4% of GDP), a positive sign of Thailand’s economic resilience.

To ensure sustainable economic growth in 2025, the Finance Ministry, the Bank of Thailand (BOT), and the National Economic and Social Development Council (NESDC) are committed to implementing comprehensive fiscal and monetary policies to achieve Thailand’s economic goals.