The Federation of Thai Industries (FTI) anticipates sluggish growth for the steel and internal combustion engine (ICE) industries this year, whilst the tourism sector remains unlikely to reach 2019 levels.
FTI chairman Kriengkrai Thiennukul emphasised the need for economic measures to support certain industries due to these projected declines.
The steel and iron industry faces a slowdown as state construction projects are delayed due to prolonged budget planning for fiscal this year, which started on October 1 of the previous year, reported Bangkok Post.
The protracted formation of a new coalition government has been identified as the cause of this delay. Steel manufacturers are urging the government to expedite budget spending to support infrastructure construction projects, fostering economic growth.
Another challenge facing the local…
