Thailand’s economy contracted 0.6 percent quarter-on-quarter in the third quarter, with annual growth slowing to 1.2 percent from 2.8 percent in 2Q25, the National Economic and Social Development Council (NESDC) said, according to The Nation.
NESDC secretary-general Onfa Vejjajiva said the economy grew 2.4 percent in the first nine months of the year. Unemployment eased to 0.76 percent, while headline inflation stayed negative for a second quarter at –0.7 percent.
Thailand recorded a $2.7-billion current account surplus, foreign reserves of $262.4 billion and public debt at 64.8 percent of GDP, The Nation reported.
Despite the weaker Q3 performance, the agency kept its 2025 GDP growth forecast at 2 percent, with average inflation seen at –0.2 percent and a current account surplus equal to 2.8 percent of GDP.
Onfa said global growth assumptions were revised higher but warned world trade could slow next year due to US tariff increases.
Thailand has seen a drop in visitation from China recently, amongst safety concerns and the debate over the possible legalization of casinos in the country. Tourism from China – one of Thailand’s main source markets in previous years – is expected to increase, after the nation’s Prime Minister met with Chinese Prime Minister Xi Jinping and assured the leader that Thailand would not pursue its casino aspirations.
The move to drop the highly-anticipated integrated resort bill sent shockwaves through the industry, as major players were aligning to take advantage of the next best growth market in Asia.
A previous study estimated that the casino industry could generate over $5 billion in gross gaming revenue yearly.
