Academics cut GDP in 2023 to 2.5% due to delayed budget.

Academics cut GDP in 2023 to 2.5% due to budget delays, hoping digital wallets will stimulate the economy to grow 3.2% in 2024 amid a beset of risk factors.

Mr. Thanawat Phonwichai, President of the University of the Thai Chamber of Commerce and Chairman of the Advisory Center for Economic and Business Forecasting revealed that from monitoring the Thai economic situation in 2023
In the past, at this time, no official numbers have been reported. But the University of the Thai Chamber of Commerce has downgraded economic forecasts down to 2.5 percent. The main factor comes from the world economy.
that absorbed longer than expected and inflexible budget spending during government transitions As for the forecast, the Thai economy in 2024 is likely to continue expanding at 3.2 percent.

There are supporting factors from both the tourism sector which is clearly recovering. Returning to expansion of the export sector, it is expected that for the whole of 2024 it will grow at 3 percent, with inflation showing signs of slowing down. including consumption
and private investment continues to expand favorably. And importantly, the government's new economic stimulus measures, such as Esay E-Receipt, have started to circulate the economy since the beginning of the year.
But this prediction Not including digital wallet measures.

This year is still a year with many risk factors. both from the Israel-Hamas war that has the potential to escalate geopolitical problems The conflict between the United States and China The world economy may be slowing down.
Natural disaster problems – drought US interest rate policy including the stability of the government international political stability to measures to stimulate the economy of each country
Therefore, a broad framework for economic expansion has been laid out. From 2.2-4.5 percent, which is the worst case. The Thai economy expands only 2.2 percent. If the war drags on, the world economy will be depressed.
and the crisis in the Red Sea put pressure on merchandise exports.

As for the case that is better than expected, If digital wallet measures Through the process, it can be fully implemented. The Thai economy will grow at 4.2 – 4.5 percent, which still needs to be evaluated periodically.

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