Thai Chamber of Commerce, FTI leaders expect economic recovery in second half
BANGKOK: Thailand's private sector anticipates the economy to recover in the second half of the year, with increased expectations from the government's stimulus measures, Sanan Angubolkul, chairman of the Thai Chamber of Commerce (TCC), and Kriengkrai Thiennukul, the Federation of Thai Industries (FTI) chairman, said on Monday (June 3).

Their remarks came during a visit to The Nation's headquarters to commemorate the company's 24th anniversary in television.

They both expressed concern about the country's growth after the kingdom's gross domestic product (GDP) in the first quarter of this year was less than expected at 1.5%.

However, citing the positive development of the global economy combined with the hope of reduced geopolitical tensions, they said they expect Thailand's economy to grow strongly, particularly in the export and tourism sectors.

Meanwhile, now that the national budget has been approved, they anticipate increased public-sector investment in a variety of projects across the country that will help improve private-sector businesses.

Still, they agreed on the need for additional action to ensure the country's long-term economic growth.

TCC chairman Sanan suggested that the government focus more on providing access to loans in the formal system for small and medium-sized enterprises.

This would assist Thai SMEs that are struggling to stay in business.

In addition, he said SME entrepreneurs require government assistance to improve their competitiveness.

"But for now, we need some consumption stimulation from the public sector other than digital wallet schemes to boost domestic demand," he said.

Thailand's government is debating how to implement a 10,000-baht digital wallet scheme, which is now expected to be distributed in the fourth quarter of this year.

According to Sanan, if that programme is successfully launched in the fourth quarter, which is peak season for year-end spending and travel, Thailand's GDP growth could increase by about 0.5 percentage point.

Currently, the Bank of Thailand (BOT) estimates GDP growth this year at around 2.5%.

FTI chairman Kriengkrai agreed with Sanan on the need to help SME entrepreneurs gain access to banking and loans within the formal system, allowing them to have consistent funding to run their businesses.

Furthermore, the country's manufacturers require active policies to transform their businesses and provide their workforces with a new set of digital skills in order to remain competitive.

He emphasised the urgent need to transform the country's manufacturing in accordance with three major FTI guidelines: New S-Curve industry, BCG (Bio-Circular-Green model), and net zero emissions.

"The guidelines, if implemented as planned, would help Thailand increase its annual GDP growth to 5%," he said. - The Nation/ANN
Thailand,economy,recovery,second half of the year,TCC,FTI,GDP
BANGKOK: Thailand's private sector anticipates the economy to recover in the second half of the year, with increased expectations from the government's stimulus measures, Sanan Angubolkul, chairman of the Thai Chamber of Commerce (TCC), and Kriengkrai Thiennukul, the Federation of Thai Industries (FTI) chairman, said on Monday (June 3).