Thai businesses advised to prepare for global economic reset

The Thai private sector should brace for a global economic reset, amidst the uncertainty over geo politics and the changing political landscape, which will lead to a multi-polar world order and the advent of artificial intelligence (AI), warned Dr. Phatcharaphot Nuntramas, first executive vice present and chief economist of the state-run Krungthai Bank.

Citing the assessment of the Thai economy this year by Krungthai COMPASS, the bank’s research centre, he said that Thailand’s economic growth this year will be around 2.7%, while export growth is estimated at just 1.8% due to the economic slowdown in Thailand’s main trading partners, especially in the United States and China, which is affecting Thailand’s industrial sector.

Thai tourism continues to expand this year, but arrivals for the whole year are expected to be around 34 million, which is fewer than the 40 million…