Thailand Economic Monitor February 2025: Unleashing Growth-Innovation, SMEs and Startups

February 14, 2025--Key Findings
Part A: Recent Developments and Economic Outlook
The economy is set to gain momentum in 2025, driven by stronger domestic demand and fiscal stimulus measures. Growth is projected to accelerate to 2.9 percent in 2025 up from 2.6 percent in 2024.
Tourism and private consumption will continue to be key drivers of growth, although at a slower pace.

Tourism is projected to return to pre-pandemic levels by mid-2025 with the number of tourists expected to surge to 40 million from 35.3 million in 2024.

Private consumption will benefit from fiscal stimulus measures, particularly the Digital Wallet cash transfer program. Preliminary estimates suggest that the cash transfers raised GDP growth by 0.3 percentage points in 2024. However, this comes at a high fiscal cost of THB 145 billion or 0.8 percent of GDP.

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