Thailand economic growth forecast raised by SCB EIC

SCB EIC has raised its economic growth forecasts for Thailand, projecting a 2.2% expansion in 2026 (up from 2.0%) and 2.1% in 2027 (up from 1.9%). This upward revision is driven by robust private sector investment and strong exports within the digital and electronics sectors, fueled by the global AI investment cycle.

Key growth drivers include digital infrastructure, data centers, and electronics. However, analysts warn that economic recovery remains concentrated among large enterprises and foreign companies, with a high reliance on imported raw materials and capital goods. This concentration means the benefits have not yet broadly distributed across the wider economy.

Future economic stability will depend on government support measures, including welfare card top-ups and consumer assistance programs. Risks to monitor include volatile energy prices, Middle East conflicts, and potential new import tariffs from the United States.