Thai growth upgraded as exports surge

The Fiscal Policy Office (FPO) has raised its forecast for Thai GDP growth this year to 2.4%, driven by exports and government stimulus measures, while economic expansion in 2026 is expected to slow to 2% due to an anticipated contraction in exports resulting from US tariffs.

- WICHIT CHANTANUSORNSIRI

Vinit Visessuvanapoom, director-general of the FPO, said yesterday that the Thai economy has expanded beyond the projection made in July, when the growth forecast was 2.2%.

He attributed the uptick to the government's late-year stimulus measures, which are expected to lift domestic consumption in the fourth quarter.

The value of exports in US dollars is expected to expand by 10% this year, while private consumption is projected to grow by 3%, supported by the government’s “Khon La Khrueng Plus” co-payment programme.

“Merchandise exports have expanded significantly, especially in the US and Chinese markets. In the third quarter of this year, exports to the two markets grew by 26.4% and 10.8% year-on-year, respectively, particularly for products such as computers, equipment and components, and rubber products,’ Mr Vinit said.