Thai Exports Projected to Increase to 18-22%, GDP Growth Expected at 2.4-2.6%

Key summary

Mr. Pongsak Aromwattananont, Chairman of the Board of the Thai Chamber of Commerce, and Chairman of the Joint Standing Committee on Commerce, Industry and Banking (JSC), revealed that the committee has revised upward its economic forecast for Thailand this year. The GDP is now projected to grow by 2.4-2.6%, up from the previous forecast of 2.1-2.5%. This is in line with the improving manufacturing sector, particularly in the technology sector. The committee also revised upward the export forecast to 18-22%, up from the previous forecast of 12-16%, and lowered the inflation forecast to 2.1-2.5%, down from the previous forecast of 2.5-3%. The Thai economy is recovering unevenly, with some sectors experiencing strong growth while others are struggling. Businesses in the "K-shape" recovery are benefiting from AI and data centers, while those in the lower segment are facing weak domestic demand. Therefore, it is necessary to accelerate the distribution of benefits and improve the competitiveness of businesses. The JSC also warned of global economic pressures stemming from geopolitical tensions, oil prices ranging from $100 to $150 per barrel, protests in Europe, and the upcoming US midterm elections, which will determine the direction of the country's administration and trade policies.