Page 28 - TGIA_AnnualReport2023_EN

Thai General Insurance Association
28 Annual Report 2023

General Insurance Business
Report in 2023

The Thai economy in 2023 has expanded by 1.9%, decelerating from the expansion of 2.5% in 2022. Private consumption
expanded by a high rate of 7.1%, accelerating from 6.2% in 2022. Private investment and service exports expanded by 3.2% and
38.3%, decelerating by 4.7% and 59.9% respectively in 2022. At the same time, the unemployment rate is at 0.98%, the inflation rate
is at 1.2%, and the current account balance overbalanced by 1.3% of the GDP.

Office of the National Economics and Social Development Council forecasts that Thai economic trends in 2024 will expand
around 2.0%-3.0% (median estimate is at 2.5%), a major cause is the return of exports expansion following the recovery of world
trade, the good level of expansion of private consumption and investment, and the continued recovery of the tourism sector. It is
expected that private consumption and investment will expand by 4.5% and 3.2%, respectively. Export value in US dollars Expanded
by 2.0%, while the headline inflation rate averaged between 0.1% and 1.1%, and the current account balance exceeded 1.2% of GDP.

Table 1: Growth rate of the Thai economy

Percent per year 2022 2023 2024f

Economic Growth Rate 2.5 1.9 2.0-3.0

Investment 2.3 1.2 1.9

Private Investment 4.7 3.2 3.2
Public Investment -3.9 -4.6 -1.8
Private Consumption 6.2 7.1 4.5

Public Consumption 0.1 -4.6 1.7
Export volume of goods & services 5.4 -1.7 2.0

Export of goods & services 1.2 -2.9 1.5
Import volume of goods & services 14.0 -3.1 4.6

Import of goods & services 1.2 -3.6 3.6
Inflation 6.1 1.2 0.1-1.1

Foreign tourists (million persons) 11.2 28.2 36.5

Source: Thai Economic Performance in Q1 2024 and Outlook for 2024 report, Office of the National Economics and Social Development Council