JSCCIB Raises Thailand's 2024 GDP Forecast to 2.6-2.8% on Export Growth and Economic Stimulus
November, 13 2024
Thai GDP Growth Revised Up to 2.6-2.8% in 2024, Driven by Export Expansion
Sanan Angubolkul, Chairman of the Thai Chamber of Commerce and Chairman of the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), announced that the JSCCIB has revised Thailand's GDP growth forecast for 2024 upwards to 2.6-2.8% from the previous estimate of 2.2-2.7%. This adjustment is mainly driven by export growth, which has benefited from an upward cycle in the electronics sector, leading to projected export expansion of 2.5-2.9%.
Beyond export growth, government stimulus measures and accelerated budget disbursement have also played crucial roles in supporting the economy. The government has outlined short-term, medium-term, and long-term strategies, including assistance for individual debtors and SMEs, as well as revising land lease laws to allow for 99-year leases to attract foreign investment. These initiatives aim to boost investor confidence and address Thailand’s structural economic challenges in the long run.
Sanan also highlighted signs of economic recovery from government stimulus measures, which will be further supported by tourism promotion policies at the end of the year and E-Receipt initiatives in early 2025 to enhance consumer purchasing power. Additionally, the government is investing in infrastructure development to strengthen Thailand's economic potential in the long term.