Trade group sees 4% economic growth in Thailand next year
Thailand should show strong economic growth next year, the Thai Chamber of Commerce (TCC) said after the recently completed Apec Summit.
Sanan Angubolkul, chair of TCC and Board of Trade, said on Saturday that Thailand should attract some 600 billion baht in foreign investment, in addition to the more than 10 billion baht already spent in the country when leaders from 21 nations under the Asia-Pacific Economic Cooperation convened from November 14-19.
Sanan said a GDP growth of between 3.5% and 4% can be expected next year, as per estimates from the University of the Thai Chamber of Commerce (UTCC).
For instance, he said more than 200 billion baht will be invested in the high-speed railway link between Thailand, Laos and China, as well as the Saudi Arabian project to build crude oil warehouses in the country.
Sanan was delivering an opening speech at the 40th TCC national meeting in Ubon Ratchathani province.
He also said that Thailand can expect to attract some 20 million tourists next year, double the number recorded so far this year. In addition, he said, another 5 million tourists can be expected if China relaxes its restrictive Covid-19 measures in mid-2023 as expected.
He added that the Thai Chamber of Commerce has also been working closely with the Commerce Ministry to boost Thai exports. He said this year’s export growth can be as high as 8%, double the original target of 4%.
However, Sanan said, more needs to be done to improve Thailand’s competitiveness, which has dropped to 33rd place in the world from 28.
He also advised Thai authorities to be serious about promoting ease of business and investment so more foreigners will want to invest in the country.
