University of the Thai Chamber of Commerce Projected Thai economy in 2024 will grow 3.2%.

Bangkok: Center for Economic and Business Forecasting University of the Thai Chamber of Commerce The Thai economy in 2024 is projected to continue expanding at 3.2%, with many supporting factors and many negative factors still present. and has lowered its economic forecast for 2023 to 2.5%. The main factor is from the global economy that has been slowing down longer than expected. and inflexible budget spending during government transitions Mr. Thanawat Phonwichai, President and Advisor to the Center for Economic and Business Forecasting University of the Thai Chamber of Commerce said Center for Economic and Business Forecasting University of the Thai Chamber of Commerce Has estimated the Thai economy in 2023, expected to expand at 2.5%, a reduction from the original forecast of 3.0% in line with agricultural GDP. and outside the agricultural sector that is likely to decrease from originally expected including the number of tourists Even though it is an important economic puller But the recovery was slower t han expected for 30 million people, especially China. Less than expected by 5 million people, leaving only 3 million people. The number of tourists this year until December 24, 2023 is at 27 million people. Government investment has slowed down. Especially during the government transition period This makes budget spending not flexible. There is only public consumption. Private spending expanded favorably. and export sector which returned to expand well again at the end of the year As for the projection of the Thai economy in 2024, it is expected that it will expand 3.2%, with supporting factors from both the tourism sector which is clearly recovering. The return to expansion of the export sector is expected to grow at 3% for the whole year '24, with inflation showing signs of slowing down. including consumption and private investment continues to expand favorably. And importantly, the government's new economic stimulus measures, such as Esay E-Receipt, started to circulate the economy at the beginning of the year, but this forecast Not including digital wallet measures. However, 2024 is still a year with many risk factors. both from the Israel-Hamas war that has the potential to escalate geopolitical problems The conflict between the United States and China The world economy may be slowing down. Natural disaster problems - drought US interest rate policy including the stability of the government international political stability to measures to stimulate the economy of each country. Therefore, the economic expansion framework has been set wide, from 2.2-4.5%, which is the worst case. The Thai economy expands only 2.2% if the war drags on, affecting the global economy and the crisis in the Red Sea putting pressure on merchandise exports. As for the case that is better than expected, If digital wallet measures Through the process, it can be fully implemented. The Thai economy will grow at 4.2 - 4.5%, which still needs to be evaluated periodically.-514 Source: Thai News Agency