The Stock Exchange of Thailand (SET) Research Department, in cooperation with the Thai Listed Companies Association, has unveiled the latest SET CEO Survey: Economic Outlook 2026, reflecting sentiment among 234 senior executives from SET and mai-listed companies. Covering 8 industries and 26 business categories, the survey represents 53.9% of total market capitalization as of February 16, 2026.
A strong consensus emerged on Thailand’s 2026 economic prospects. Over 73% of CEOs anticipate GDP growth of 1.1–2%, within the range predicted by the National Economic and Social Development Council (NESDC), Bank of Thailand (BOT), and World Bank. Executives agree across all sectors on tourism, fiscal and government spending, and political stability as the top three growth drivers. Digital economy advancements, ongoing FTA negotiations, and anti-corruption measures are also seen as important long-term boosters.
Risks to growth remain, led by domestic political stability (21%), weak consumer purchasing power (16%), and high household debt (16%), pressing concerns especially for real estate, construction, and consumer-linked sectors. Around half of the executives expect inflation to remain within the BOT’s 1–3% target, with some forecasting under 1%—aligning with the central bank’s expectations of gradual normalization by the second half of 2027.
Business confidence is on the rise, with over 80% of executives expecting continued revenue growth in 2026, mostly at a gradual pace of 0–10%. The service industry expresses the highest optimism regarding strong recovery, while views in finance, industry, and real estate are more moderate or mixed due to market uncertainties.
Key supportive factors for the year ahead include government investment, economic stimulus, recovering demand, technological upgrades, and post-election stability. Still, respondents cite subdued purchasing power, household debt, uncertain government policy, and global trade/geopolitical risks as major obstacles.
Regarding investment, three out of four CEOs believe 2026 is an opportune time to expand, focusing mainly on Thailand and ASEAN—particularly Vietnam, followed by Malaysia and Indonesia. China, India, and FTA-negotating regions such as Europe and the UAE also garner attention, especially for service sector expansion. Nevertheless, 25% of industries remain cautious with no immediate plans for growth.
To overcome challenges, listed companies are enhancing efficiency with automation and renewable energy, maintaining steady investment within Thailand, revising marketing strategies to tap niche and export markets, and improving internal flexibility—though large-scale M&As are not being prioritized.
Across the board, capital allocation aims to maximize shareholder value. Most CEOs target long-term business growth through core and new investments, emphasizing balanced financial management over short-term returns like dividends or buybacks. This approach supports sustainable growth and robust corporate governance, in line with SET guidelines.
