Thai economy shows sign of strong recovery
Despite persistent issues with household and informal debt, Thailand's economy has shown signs of a strong recovery since 2024, driven primarily by growth in exports, tourism, and investment projects.
Thai economy shows sign of strong recovery. Photo courtesy of world.thaipbs.or.th.
Commerce Minister Pichai Naripthaphan noted that Thai exports grew by 5.4% year-on-year in 2024 and further expanded by 13.6% in January 2025, while international tourist arrivals reached approximately 36 million in 2024 and are expected to rise to 39 million in 2025.
He said domestic investment projects expanded by 1.14% in 2024, with a steady upward trend in 2025. He also highlighted the growth of two-way trade with partners under various free trade agreements (FTAs), which is expected to further boost Thai exports.
Meanwhile, the minister called for integrated and immediate action from all relevant parties to address the problem of non-performing loans (NPLs) caused by household and informal debt, aiming to stimulate consumer spending, domestic investment, exports, and overall economic growth.
Recent reports indicate that Thailand's household bad debt has surged by 25% since the end of 2022, reaching a record high of THB1.23 trillion (approximately $36.26 billion) as of January 2025.
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