Thai economy forecasts growth between 2.8% and 3.3%

The Thai economy, driven primarily by exports, forecasts growth between 2.8% and 3.3% for this year, as reported by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). The committee, representing diverse sectors, has retained its initial forecast, projecting a 2.0% to 3.0% increase in exports.

Following a 1.9% expansion in the previous year, Thailand’s economic growth is projected to maintain at 2.8% this year, according to the World Bank. Further acceleration to 3.0% is foreseen for 2025.

Auramon Supthaweethum, director-general of the Business Development Department, highlighted a positive economic trend, today, April 3. Private sector investment, indicated by new business registrations, has seen an upturn to 25,000, with registered capital totalling 68 billion baht.

Furthermore, the department reported an increase in newly registered businesses in this year’s first quarter. Notably, the emerging spiritual belief sector has contributed significantly to the economy, generating a value of 15 billion baht, reported Bangkok Post.

In related news, Sony Semiconductor Solutions declared this week a billion-baht investment in Thailand to boost the nation’s stuttering economy. The announcement, which came to light on Saturday, March 30, revealed an investment surpassing 2.57 billion baht for the construction of a manufacturing factory.

The manufacturing site is slated for completion by March 2025. According to reports, it will be tasked with the production of sensors specifically designed for autonomous vehicles. These state-of-the-art sensors play a pivotal role in detecting pedestrians and obstacles, thereby ensuring the safety and efficiency of self-driving vehicles.

Sony’s move is expected to significantly bolster its production capacity. Forecasts predict an increase of up to 70%, a figure that not only spells good news for the company but also for the local workforce. The factory is projected to open up more than 2,000 job positions, thus providing a much-needed boost to employment in the region.

Meanwhile, the Thai government, under the directive of Prime Minister Srettha Thavisin, is preparing to implement a 7% value-added tax (VAT) on imported goods valued at 1 baht and above, starting in May.