Workers operate machines at Kobuta Farm in Chonburi province (Photo: VNA) Bangkok (VNA) – The Federation of Thai Industries (FTI) forecasted that the country’s economy, particularly exports, will be driven by high-potential industries such as agriculture, food, cars and auto parts, as well as bio- circular and green (BCG) manufacturing.
BCG, which was declared a national agenda item in 2021, aligns with global campaigns to protect the environment. Accordingly, manufacturers are encouraged to adopt technologies that add value to their products and cause minimum impact on the environment.
Kriengkrai Thiennukul, chairman of the FTI, said demand for products from these industries will continue to grow next year and the export sector is expected to benefit from this trend.
Thailand’s Joint Standing Committee on Commerce, Industry and Banking said the country’s GDP is forecast to grow by 2.8-3.3% next year, with exports estimated to increase by 2-3% and inflation at 1.7-2.2%. The 2024 economic growth projection includes the government's plan to implement a 10,000-THB digital money handout to every citizen over 16 years old.
The FTI expects the value of food exports to tally 1.65 trillion THB (46.3 billion USD) in 2024. Food export value increased by 4.6% year-on-year to 1.16 trillion THB from January to September this year and it is projected at 1.55 trillion THB for the whole year.
Kriengkrai said renewable energy development should also gain momentum next year as foreign investors demand clean energy to fuel their businesses in Thailand.
Renewable energy is becoming more important as the world steps up efforts to reduce carbon dioxide emissions from fossil fuels to slow down global warming.
According to Kriengkrai, tech companies want 100% renewable energy as they aim to reach net-zero targets./.
