Thailand slashes growth forecast amidst US tariffs
Thailand has lowered its economic growth forecast this year due to trade disruptions stemming from U.S. President Donald Trump's tariff policies.
NESDC Secretary-General Danucha Pichayanan. Photo courtesy of The Nation.
According to the National Economic and Social Development Council (NESDC), the Thai economy grew by 3.1% in Q1/2025, slightly down from 3.3% in Q4/2024.
Against the backdrop, the agency reduced its annual growth projection to between 1.3-2.3%, down from the previous forecast of 2.3-3.3%.
NESDC Secretary-General Danucha Pichayanan attributed the downward revision to uncertainties surrounding tariff issues and a decrease in projected tourist arrivals this year. Following a decline in Chinese visitors in Q1, Thailand lowered its 2025 tourism forecast to 37 million visitors, as compared to the earlier projection of 38 million.
Additionally, he held that the economy is expected to continue slowing in Q2 as private investment remains cautious pending the outcome of negotiations with the U.S.
According to President Trump's previous announcement, Thailand faces a potential 36% reciprocal tariff from the U.S. Implementation of this tariff has been suspended for 90 days, until early July, for bilateral negotiations.
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