Thai Chamber of Commerce predicts 3% economic growth


April 17, 2024

The Thai Chamber of Commerce is optimistic the Thai economy will grow this year, citing the disbursement of the budget and the flourishing tourism sector as positive factors.

There are signs of improvement in foreign investment, as indicated by the increasing numbers of investment applications totalling tens of billions of baht.

Sanan Angubolkul, chairman of the Chamber and the Board of Trade, said despite external factors, Thai businesses are still of the opinion that the economy in the second quarter will improve. This, he added, is supported by various factors.

Firstly, the budget for fiscal 2024 will be allocated to job creation programmes and state investment projects, impacting income distribution at the grassroots level. Secondly, tourism continues to thrive, with consistent bookings for trips to Thailand.

Thirdly, export numbers remain above the normal baseline of 1.6 trillion US dollars per month, and fourthly, foreign investments are showing positive signs, as evidenced by the investment applications made to the Board of Investment(BOI) and the Eastern Economic Corridor (EEC). 

Sanan said Thailand’s GDP for the second quarter of 2024 will likely exceed 3% and continue to perform well for the remainder of the year.

This confidence is supported by the government’s plans to stimulate spending, along with positive figures in the tourism sector and new investments. He is also optimistic private sector businesses are prepared to deal with external factors including the ongoing conflicts in Ukraine and the Middle East.

Source: The Nation