Thai private sector forecasts 2024 growth of 2.8-3.3%

The country’s economic growth in 2024 is forecast to be 2.8-3.3%, driven by the government’s “digital wallet” scheme, which may contribute 1-1.5% to growth, according to the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB).

As chair of the JSCCIB, Sanan Angubolkul, president of the Thai Chamber of Commerce, warned, however, that the Thai economy remains fragile and is at risk of growing by less than 3%, due to the global economic slowdown and domestic pull factors, as he urged the government to suspend its plan to increase electricity prices for January through April.

He said that exports next year are projected to increase by 2-3%, compared to a 1-2% contraction this year, while inflation is predicted to remain at 1.7-2.2% next year, adding that household debt, small and medium-sized enterprise debt and the central bank’s tight control of lending, as well as the global economic slowdown may, however, slow Thailand’s GDP growth to less than 3%.