IMF Cuts 2024 Thailand’s GDP Forecast as Exports Slump

The latest revision of Asia-Pacific growth projection by the International Monetary Fund (IMF) indicated the downgrade for Thailand’s GDP to 2.7% in 2024 from 3.2%.

This downward trajectory came after the IMF increased its growth projection for Asia in 2024, citing optimism about India’s growth trajectory and calling for more stimulus from China. The IMF anticipated a 4.5% growth for Asia’s economy this year, up by 0.3 percentage points compared to six months ago, with a consistent forecast of 4.3% for 2025, contrasting with the projection for Thailand.

Thailand’s customs-cleared exports for March dropped sharply by 10.9% from the same period of last year (YoY), according to the official announcement by the Commerce Ministry, a drop of much larger than a forecast for a contraction of 4.50% in a Reuters poll.

Meanwhile, customs-cleared imports for March rose 5.6% YoY, compared to a 4.55% rise in a Reuters poll. The trade balance for March was a deficit of 1.16 billion dollars, compared to a 0.82 billion dollars of surplus expected in a Reuters poll.