traction from the first quarter. The ongoing economic rebound was mainly driven by exports and tourism, whereas domestic spending and investment only gradually picked up. Still, the economy has yet to see
exhibited signs of ongoing growth, driven largely by exports and tourism. This is in line with the overall global economic improvement. Domestic spending enjoyed promising growth, as evidenced by brighter
income and expenditure of trade partners, with the aim of expanding the customer base within value chains. One noteworthy development was construction material operators who have acquired customers of
almost all nationality groups, especially the number of Chinese tourists. Meanwhile, domestic demand expanded at a gradual pace both the private consumption and investment. Public expenditure remained an
the impact of US sanction which led to the depreciation of Russian ruble. However, domestic demand continued to expand, private consumption expanded well in most spending categories thanks to the
latter part of the year, bolstering consumer spending and private investment. However, the economic growth was subdued as the economy was still in a recovery stage and goods exports were weak, partly
consumption, albeit expanding, began to exhibit decelerating growth following a recent ramp-up in spending on durable goods. Likewise, private investment remained weak pending more apparent signs of economic
Accelerated government spending Source: NESDC, BOT (Apr 2024) Public investmentBillion baht 1Q2022 3Q2022 1Q2023 3Q2023 1Q2024 3Q2024 350 250 150 The Thai economy has not yet fully recovered from the Covid-19