Thailand’s economy ended weaker-than-expected last year, with the 2025 outlook rife with risks from global trade policy hurdles and sluggish domestic demand.
Gross domestic product rose 3.2% in the three months through December from a year earlier, the National Economic and Social Development Council said Monday. That was below the 3.8% median estimate in a Bloomberg News survey.
For the full year, Southeast Asia’s second largest economy grew 2.5% in 2024 compared to 1.9% in 2023, and against the median estimate for a 2.7% gain.
Even with the firmer recovery in tourism and exports, the nation remains a growth laggard in the region as household consumption and manufacturing continue to be under pressure.
In the latest phase of Donald Trump’s tariff policy and the US-China rivalry, Thailand is vulnerable given its significant trade surplus with the US and the persistent flooding of cheap China-made products that may worsen as Washington hits Beijing with more levies.
Bank of Thailand Governor Sethaput Suthiwartnarueput said on Sunday that he considers trade policy spillover a main challenge.