Thailand's economy to slow in H2 as exports face headwinds: central bank

Xinhua
10 Jul 2025, 09:15 GMT+10

BANGKOK, July 10 (Xinhua) -- Thailand's economy is projected to slow in the remainder of the year as U.S. tariff policies hit exports amid global trade uncertainty, the central bank said on Wednesday.

Exports, a key driver of the nation's economic growth, are expected to shrink 4 percent on an annual basis in the latter half of 2025 and remain contracted by 2 percent in 2026 due to potential increases in tariffs on U.S. imports, according to the Bank of Thailand (BOT).

For the first five months of this year, the Southeast Asian country's exports rose 14.9 percent compared to a year earlier owing to front-loaded shipments, particularly industrial products, before the pause on U.S. tariffs ended, commerce ministry data showed.

The Thai economy is expected to grow below its potential, with a forecast of 2.3 percent expansion in 2025 and 1.7 percent the following year, BOT Deputy Governor Piti Disyatat said at a press conference.

The central bank flagged developments in trade negotiations, geopolitical conflicts, and domestic political uncertainty as downside risks that require close monitoring going forward.

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