Bangkok Terminal Logistics Co., Ltd.
The Federation of Thai Industries has revised its GDP forecast for 2024 to 2.6-2.8% from exports and economic stimulus.
Mr. Sanan Angubolkul, Chairman of the Thai Chamber of Commerce and Chairman of the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), revealed that the JSCCIB has revised its GDP growth forecast for 2024 up to 2.6-2.8% from the previous estimate of 2.2-2.7%, with the main driver coming from export growth, which has benefited from the electronics sector’s upcycle, resulting in exports likely to expand by 2.5-2.9%.
In addition to growing exports, purchasing power stimulus measures and accelerated government budget disbursements are also important factors supporting the economy. The government has plans to issue short-term, medium-term and long-term measures, such as helping small debtors and small and medium-sized enterprises (SMEs), including adjusting the 99-year land lease law to promote foreign investment, which will help increase confidence and solve structural problems of the Thai economy in the long run.
Mr. Sanan also mentioned signs of economic recovery from government stimulus measures, which will be supplemented by tourism promotion measures at the end of the year and purchasing power enhancement measures in the form of E-Receipts early next year to support people’s purchasing power, including investment in infrastructure to enhance the economic potential in the long term.
Data source: Thai PBS