Revival in Thai export growth: Projections for 2024

The UTCC (University of the Thai Chamber of Commerce) predicted a revival in exports, projecting a growth of 2-3% for the year, which equates to a value between US$290-293 billion. This shows a significant improvement from the 1% contraction experienced in the previous year.

The UTCC’s president, Thanavath Phonvichai, attributed this predicted resurgence largely to the global economic recovery and increased demand in primary export markets. He referenced the International Monetary Fund’s (IMF) recent adjustment of the 2024 global GDP forecast, which increased from 2.9% to 3.1%. This adjustment is due to the economic growth of key trading partners, including ASEAN, Europe, South Korea and the UK. However, there has been an economic slowdown in the US, China, and Japan, reported Bangkok Post.

Furthermore, the IMF anticipates a 3.3% expansion in…