Thailand’s economic growth in 2024 is predicted to be 2.8-3.3%. The government’s “digital wallet” scheme could contribute 1-1.5% to growth. The Thai economy remains fragile due to global economic slowdown.
Economic Growth Forecast
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) predicts the country’s economic growth in 2024 to be 2.8-3.3%, with the government’s “digital wallet” scheme potentially contributing 1-1.5% to the growth. However, Sanan Angubolkul, chair of the JSCCIB, cautioned that the economy remains fragile, at risk of growing by less than 3% due to global economic slowdown and domestic factors.
Recommendations for Economic Stability
The president of the Federation of Thai Industries, Kriangkrai Thiennukul, suggested prioritizing economic restructuring, increasing competitiveness in the global market, expediting FTA agreements, attracting foreign investment, and controlling energy prices. He advised keeping electricity prices for January-April at an average of 3.99 baht/unit, as the proposed 17% increase to 4.68 baht/unit would drive production costs up by 5-10%.
