Thailand: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand
IMF Staff Country Reports, February 20, 2025
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- Thailand: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand
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Bibliographic details
- Published: February 20, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229000741.002
Macro outlook and growth projections
- Thailand’s economy is gradually recovering, but at a slower pace than peers.
- Growth is projected to accelerate moderately, reaching 2.7 percent in 2024 and 2.9 percent in 2025.
- Recovery is supported by the rebound of tourism-related activities and fiscal stimulus.
Monetary policy and financial stability
- A further reduction in the policy rate would support the ongoing recovery.
- Lowering the policy rate is expected to translate into improvements in borrowers’ debt-servicing capacity.
- There is little risk of additional leverage amid tightened lending.
Fiscal policy and near-term mix
- A well-coordinated near-term policy mix and structural reforms would help firmly entrench the recovery.
- Fiscal stimulus is identified as a supporting factor for the projected growth acceleration.
Structural reforms and medium-term prospects
- Resolute reforms to boost productivity and competitiveness are necessary to reverse the downward trend in potential growth.
- Structural reforms combined with policy coordination would help boost potential growth and inclusiveness over the longer term.
Social protection and household resilience
- Providing an adequate social protection floor to vulnerable households could help enhance their resilience to shocks.
- Strengthening social protection could address structural drivers of household debt accumulation.
Source: Thailand: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand (February 20, 2025).
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- 1thaea2025001-print-pdf