Thai economy expanded by 1.5% YoY in 1Q24, but still reflects an economic slowdown; KResearch lowers its 2024 growth forecast to 2.6% from 2.8% (Business Brief No.4058)

• Thailand’s economy grew by 1.5 percent YoY in 1Q24. Compared to the previous quarter, the economy expanded by 1.1 percent. The growth was better than market expectations but remained at a low level.
• The Thai economy appears to have bottomed out and is poised for over-year expansion at an accelerating pace, particularly in the second half of 2024. This growth will be driven by accelerated government budget disbursement, the ongoing tourism recovery – which remains a key driver, and an anticipated rebound in Thai exports for the remaining quarters of this year.