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Friday, March 29, 2024

UTCC predicts 2.8% growth next year

The Thai economy is projected to recover and record growth of 2.8% next year from a 6.3% contraction this year, according to the latest forecast by the University of the Thai Chamber of Commerce (UTCC).

UTCC president Thanavath Phonvichai said next year’s growth would be driven by the availability of a Covid-19 vaccine, an export recovery and a return of foreign tourists.

Mr Thanavath said Thailand is expected to have a Covid-19 vaccine by the second half of 2021, with exports set to expand by 3.5% next year, with an inflation rate of 1%.

The forecast assumes a foreign exchange rate of 30.40 baht per dollar, and the Dubai crude oil price averaging US$44.2 per barrel.

He said next year’s economy would be helped by the government’s consumption stimulus measures, including the extension of the popular co-payment scheme.

“The government needs to continue economic…

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