BANGKOK — Thailand’s economy is showing good signs for expansion, with growth of 3 percent annually in the third quarter and 2.6 percent projected for the full year, Prime Minister Paetongtarn Shinawatra said on Tuesday.
Private investment should be accelerated to help the economy as more support measures will be considered by relevant agencies, she told reporters.
“Growth has been driven by public investment and tourism, but private investment can still be increased,” she said.
Southeast Asia’s second-largest economy’s 3-percent annual growth in the September quarter was the fastest pace in two years and beat analysts’ expectations.
However, officials and analysts saw increased challenges to maintaining the momentum next year.
Deputy Finance Minister Paopoom Rojanasakul on Tuesday said the third-quarter gross domestic product data showed very good growth.
“We have a duty to maintain the momentum of growth into the fourth quarter,” he told reporters.
The economy is expected to expand 4.3 percent year on year in the final quarter of 2024, helped by government stimulus measures, and should grow more in 2025, Paopoom said.
The government will consider more stimulus measures later on Tuesday, including the second phase of its “digital wallet” handout scheme.
The flagship program, which will give 10,000 baht ($289) each to about 45 million people to spend in local communities, launched in late September and about one-third of the payments have already been made.
Thailand’s economy has lagged regional peers in recent years, with growth only 1.9 percent last year.
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