60% of Thai-Chinese businesses predict economy will improve in Q2
More than half of the 300 executives and businesspeople under the Thai-Chinese Chamber of Commerce (Thai CC) are bullish that Thailand's economy will improve in the second quarter (April-June) this year.
"Some 60% of respondents are confident the economy will be better, compared to 56% in the previous survey," said Thai CC president Narongsak Putthapornmongkol on Thursday.
"Meanwhile, 91.8% are confident the Thai economy will recover by the end of this year."
Narongsak said 30% of respondents were planning new investments and recruitment. Meanwhile 39.3% said they planned new investment only, and 28.6% said was business as usual.
"Respondents also expected the Thai economy to expand between 3.3% and 3.5% this year," he reported. The Foreign Ministry forecasts 3.8% growth.
Thai CC members registered domestic risks to business operations this year, including the rising cost of living, rising household debt coupled with financial institutions’ non-performing loans, labour shortages and rising wages.
"For external risks, there is currency exchange volatility and drop in exports due to economic slowdown," he said.
Thai CC members also urged the government to issue more stimulus measures, tackle labour shortages, promote tech-related businesses, and control prices of products and services.
"The government should also impose measures to stimulate investment," Narongsak added.
He forecast 7-8 million Chinese tourists would visit Thailand this year, aiding economic recovery. He urged authorities to improve immigration procedures, increase flights between China and Thailand, ensure security and hygiene, and promote hotel and public transport for tourists.
"The government should also set up a centre to solve problems for Chinese tourists.”
He said 60.4% of Thai CC members surveyed expressed confidence that China's economy will improve in the second quarter, while 62.1% expect Thai exports to China to rise.
"Some 63.6% of respondents forecast more Chinese investment in Thailand following positive Chinese economic forecasts," he said. "Meanwhile, 65% expect Thailand to import more products from China," he added.
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