Thai Business Group Maintains Growth Forecast at 2.2%-2.7% amid Slow Recovery

According to a prominent joint business group, Thailand’s economy is expected to expand between 2.2% and 2.7% this year, staying consistent with previous projections. The recovery is noted to be sluggish, reflecting the ongoing challenges faced by the nation.

The Joint Standing Committee on Commerce, Industry, and Banking, comprising industry representatives, highlighted that exports, a significant driver of Thailand’s economy, are anticipated to increase by 0.5% to 1.5%, aligning with earlier forecasts. Last year, the country’s economic growth stood at 1.9%, trailing behind neighboring countries due to factors such as high household debt, elevated borrowing costs, and the sluggish recovery in China.