The Ministry of Finance expects the Thai economy to grow by 2.8% this year and 3% next year, according to the head of the Fiscal Policy Office (FPO).
Pornchai Thiraveja said growth should pick up to 3% in 2025.
He made the remarks after a meeting between the Thai finance minister, representatives of Asean central banks and Kristalina Georgieva, managing director of the International Monetary Fund (IMF), during the World Bank and IMF annual meeting on Wednesday in Washington, DC,
In July, the FPO predicted that the Thai economy would grow by 2.7% on average this year, rebounding from 1.9% in 2023. The National Economic and Social Development Council in August forecast 2.5% expansion this year.
World Bank and IMF said this week that achieving fiscal balance in Asean countries may require different time frames depending on the context of each nation, according to Mr Pornchai.
“Representatives from the World Bank and IMF have opined that member countries in the Southeast Asia region have different contexts and challenges, making it necessary to adjust fiscal balance over different time frames to suit each country’s context,” he said after a meeting of Southeast Asian delegates held alongside the World Bank-IMF meetings.
Deputy Finance Minister Paopoom Rojanasakul represented Thailand at the meeting.
According to Mr Pornchai, the meeting also discussed economic issues, balance adjustments to government budget spending, and fiscal measures to stimulate the economy. The latter are deemed necessary to maintain momentum for economic growth by improving the efficiency of public spending, strengthening domestic resource mobilisation, managing debt and applying digital technology.
Mr Paopoom highlighted Thailand’s policies, including improving tax collection efficiency through digital technology and big data, and expanding the tax base by taxing online businesses and digital platforms.
He also proposed reducing unnecessary tax exemptions during the discussions.
