Private sector upbeat on NESDC's positive growth projection

The Thai Chamber of Commerce is upbeat over the GDP projection for the fourth quarter of last year and the whole of this year reported by the National Economic and Social Development Council (NESDC).

Pote Aramwattananont, president of the Thai Chamber of Commerce and the Board of Trade, said today that the 2.5% growth in the fourth quarter of last year, as reported by the NESDC, compared to 1.2% in the third quarter or 1.9% in the same period a year earlier, is a clear sign that the Thai economy is recovering significantly under the administration of Prime Minister Anutin Charnvirakul.

He noted that the quick economic recovery during the fourth quarter has driven growth for the whole year to 2.4%, against the original projection of between 2.0-2.2%, thanks to the 50:50 ‘Co-payment Plus’ scheme, the accelerated disbursement of the budget and investments in BoI-promoted projects.

The World Bank, however, recently forecast Thailand’s economic growth this year to drop to 1.6%, but with a rebound to 2.2% next year.

Pote specifically praised Commerce Minister Suphajee Suthumpun for her achievements in securing new markets for Thai exports and in tariff talks with the Trump administration.

He also commended Foreign Minister Sihasak Phuangketkeow for helping ease the border tensions with Cambodia.

Pote suggested that the government should enhance the growth momentum through regular, possibly even weekly meetings between the economic ministers and the private sector, to set strategic directions and to keep abreast of the volatile global situation.

The Thai economy has the potential to grow faster, said Pote, adding that the private sector is ready to cooperate fully with the new administration.