Thai private sector confident of up to 3% economic growth this year

Sanan Angubolkul, chairman of the Thai Chamber of Commerce and the Board of Trade

The Thai private sector believes that the country’s economy is likely to expand by between 3.0% and 3.5% this year, if the new government, expected to be formed within September, immediately rolls out economic stimulus packages, according to Sanan Angubolkul, chairman of the Thai Chamber of Commerce and the Board of Trade.

He cited the Pheu Thai party’s “digital wallet” scheme, under which about 50 million Thai nationals aged 16 and older will each have a one-time 10,000 baht subsidy wired into their “digital wallet”, for spending within six months in areas within a 4km radius of their residences.

He said that the scheme will cost the state about 500 billion baht, but it will help stimulate the economy. With every 100-150 billion baht spent, the GDP will increase by about 1%, or up to 3%…