The gross domestic product (GDP) in current prices in Thailand was forecast to continuously increase between 2024 and 2029 by in total 123.7 billion U.S. dollars (+23.39 percent). After the seventh consecutive increasing year, the GDP is estimated to reach 652.66 billion U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product at current prices, consistent with the definition given by the International Monetary Fund. This means that the values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.Find more key insights for the gross domestic product (GDP) in current prices in countries like Indonesia, Myanmar (Burma), and Cambodia.

Thailand’s gross domestic product (GDP) grew at a rate of 2.12 percent in 2019. The Thai economy

Thailand relies less on agriculture and more on employment in the service sector, which is a sign of a more advanced economy. This development is also apparent in its GDP per capita, which is one of the highest in Southeast Asia. One aspect of a developed economy is that it is more diverse, and thus less exposed to economic shocks. This statistic reflects that robustness in its optimistic view of Thai GDP growth.

Domestic factors

Thailand has posted an incredibly low unemployment rate for several years, which suggests that the workforce matches the demand for labor remarkably well. Equally important, the inflation rate tends to be low and stable, though sometimes too low. If Thailand wants to realize the positive projections in this statistic, the inflation rate of the baht should be between 2 and 3 percent, according to most economists.

In 2024, the GDP from the fishery segment contracted by 2.8 percent in Thailand. In the following year, it was forecast that the GDP from this segment would show a slight increase of 0.5 percent.

In 2024, the GDP growth from the agricultural sector contracted by 1.1 percent in Thailand. However, the GDP growth of the agriculture sector was forecast to grow by at most 2.8 percent in 2025.

In 2024, the GDP from the agricultural services segment contracted by 0.5 percent in Thailand. The GDP from this subsector was forecast to increase further by 2.7 percent in 2025, contributing to the agricultural sector in Thailand.

In 2024, the GDP from the livestock segment grew by 3.2 percent in Thailand. In the following year, it was forecast that the GDP from this segment would show an increase of 2.7 percent, thus contributing to growth in the agricultural sector.

In 2020, the value of the internet economy in Thailand amounted to around 18 billion U.S. dollars. This value is forecast to reach 53 billion U.S. dollars in 2025. Thailand's internet economy value was projected to grow by seven percent from 2019 to 2025.

The Hospitality Industry in the Thai Market Report is Segmented by Type (Chain Hotels and Independent Hotels) and Segment (Service Apartments, Budget and Economy Hotels, Mid and Upper Mid-Scale Hotels, and Luxury Hotels). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

In 2024, the GDP from the forestry segment grew by 2.2 percent in Thailand. The subsector was forecast to expand further by at most 2.8 percent, contributing growth to the overall agricultural sector.

In 2019, the average inflation rate in Thailand amounted to about 0.71 percent compared to the previous year, when it was just recovering from a slump below the 0-percent-mark in 2015.

Political turmoil begets economic turmoil

In 2014, after a coup d’etat following months of political crisis, the Thai military took over the country, and the senate and government were dissolved. As a result, Thailand’s economy experienced a sudden downturn, GDP growth and inflation slumped, while unemployment, which is usually delayed in reflecting economic struggles, has been increasing ever since.

Services help stabilization

Apart from the struggles in recent years, Thailand’s economy as a whole is quite stable. Its main GDP generator is the services sector , which includes tourism and telecommunications, and which has shown a stable real GDP growth for the past few years. The new military government also wants to boost the economy further by focusing on high-tech industries and services, with the goal of making Thailand a high-income nation with an economic focus on innovation and growth.

In 2022, the estimated total GDP of all ASEAN states amounted to approximately 3.67 trillion U.S. dollars, a significant increase from the previous years. In fact, the GDP of the ASEAN region has been skyrocketing for a few years now, reflecting the region’s thriving economy. Power in the EastThe Association of Southeast Asian Nations (ASEAN) comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It was established in 1967 among five of these countries (Indonesia, Malaysia, Thailand, Singapore, and the Philippines) to facilitate trade and economic growth, as well as promote cultural development and social structures in the region. To date, they have been joined by another five nations. The ASEAN marketThe founding of the ASEAN organization provides the collaborating nations with more autonomy and influence on the global economy than they would have had by themselves. Additionally, struggling participating countries, such as Laos, are given an opportunity to grow on an ASEAN single market.

The statistic shows gross domestic product (GDP) per capita in the ASEAN countries from 2019 to 2022, with projections up until 2029. GDP is the total value of all goods and services produced in a country in a year. It is considered to be a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth. The ASEAN (Association of Southeast Asian Nations) region in Asia comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. In 2022, GDP per capita in Brunei amounted to around 37,452.92 U.S. dollars.

The gross domestic product (GDP) per capita in Singapore was forecast to continuously increase between 2024 and 2029 by in total 19,688.6 U.S. dollars (+22.03 percent). After the sixth consecutive increasing year, the GDP per capita is estimated to reach 109,058.28 U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product per capita at current prices. Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population. The gross domestic products is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).Find more key insights for the gross domestic product (GDP) per capita in countries like Thailand, Myanmar (Burma), and Indonesia.

The gross domestic product (GDP) in current prices in Cambodia was forecast to continuously increase between 2024 and 2029 by in total 24.6 billion U.S. dollars (+52.17 percent). After the ninth consecutive increasing year, the GDP is estimated to reach 71.76 billion U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product at current prices, consistent with the definition given by the International Monetary Fund. This means that the values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.Find more key insights for the gross domestic product (GDP) in current prices in countries like Laos, Thailand, and Timor-Leste.

Inflation rates in the Association of Southeast Asian Nations (ASEAN) ranged from 31 percent inflation in Laos to 0.37 percent inflation in Brunei Darussalam. While countries like Vietnam are likely benefitting from more stable inflation than earlier seen, only a few countries are in the 2 to 6 percent range that many economists view as optimal for emerging economies. Effects of high inflation High inflation is generally detrimental to the economy. Prices tend to rise faster than wages, meaning that people and firms have less purchasing power. This in turn leads to slower growth in the gross domestic product (GDP). It also leads to a weaker currency. For countries with a positive trade balance this can be beneficial, because exports are relatively cheaper to foreign buyers. Through the same mechanism, net importers suffer from a weaker currency. Additionally, inflation makes a country’s national debt less expensive if the debt is denominated in the local currency. However, most of this debt is in U.S. dollars, so inflation makes the debt more difficult to service and repay. Risks of deflation With deflation, consumers and firms delay investments because they expect prices to be lower in the future. This slows consumption and investment, two major components of GDP growth. The most common example of this is Japan, where the GDP growth rate has been low for a long time due, in large part, to deflation. For this reason, countries like Brunei would rather see low and stable inflation than slight deflation.