PR Desk

SCB EIC expects global economy to grow by 2.6% in 2024, with positive momentum in Q4/2023. Thailand’s economic growth forecast for 2024 is revised to 2.7%, facing challenges in manufacturing sector. Forecasted rate cuts and inflation rebound in 2H/2024 will impact Thailand’s economic outlook and monetary policy.

The Cabinet approved measures to boost the property sector in 2024, including reducing transfer and mortgage fees for residential properties valued under 7 million baht. The revised registration fee reduction measure is expected to stimulate demand but overall market demand may remain sluggish due to household debts and high interest rates. Developers are advised to launch new mid-priced projects cautiously to avoid oversupply.

Thai exports in March 2024 declined by -10.9% YOY, primarily due to a drop in gold exports. Key product categories weakened, except for agricultural products. Exports to key destinations dropped, with a trade deficit persisting. SCB EIC expects export growth to turn positive in 2024.