Outlook Quarter 1/2024
SCB EIC forecasts global economy to grow by 2.6% in 2024 with positive momentum in Q4 2023. Central banks worldwide will adjust policies. Thailand’s economic growth revised to 2.7%, facing challenges in the manufacturing sector. Policy rate in Thailand to be lowered to 2% in response to structural challenges.
SCB EIC expects a slower growth momentum for Thai economy, underweighting recovery in 2024.
In Q4/2023, Thai economic growth was modest at 1.7% year-on-year, with a -0.6% quarter-on-quarter contraction. Services sector boosted by tourism, but public investment decreased. Q1/2024 expected to have higher growth due to private consumption and despite delays in public spending. Overall, slow economic recovery expected in 2024.








