Thailand’s economy set to grow despite potential export decline

Picture courtesy of Wanaporn Yangsiri, Unsplash

A prominent joint business group announced today that Thailand’s economy is set to grow by 2.5% to 3.0% this year, a prediction consistent with their previous forecast. This anticipated growth is attributed to government support measures and the tourism industry.

However, the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), which represents these sectors, warned of a potential decline in exports, a crucial component of the Thai economy. They projected a drop of between 1% and 2% this year, a slight increase from their previous forecast of a 0.5% to 2.0% decline.

The JSCCIB also flagged the Israel-Hamas conflict as a new risk to the global economy. This unforeseen factor could potentially impact Thailand’s economic performance, reported Bangkok Post.

In terms of tourism, the sector may…