Thailand: Industry Ministry expects 2.5-3.5 percent sector growth this year

Bangkok (NNT/VNA) – Thailand’s Ministry of Industry has projected up to 3.5 percent economic growth for the industrial sector, citing government stimulus measures and recovering export markets. However, high fuel costs and new Omicron coronavirus variant remain key challenges going forward.

The Ministry of Industry expects Thailand’s industrial sector to see sustained 2.5-3.5 percent economic growth this year. It also anticipates improved export sector performance amid easing COVID-19 restrictions in partner countries and further economic campaigns introduced by the government.

Minister of Industry Suriya Juangroongruangkit said his ministry plans to enhance supply chains and work more closely with related agencies in key areas. These include electric vehicle manufacturing promotion, special loans for industrial robotics and automation deployment, the promotion of biotechnology industry, and the development of smart electronics industry.

The Ministry of Industry is also expected to open a center for biotechnology promotion in April. Additionally, it will propose its action plan for smart electronics industry promotion to the national industry development committee in the first quarter.

Despite the expected sector-wide growth, the Ministry of Industry has cautioned that the spread of the Omicron coronavirus variant should be closely monitored. Other areas of concern include high fuel prices and worker shortages, particularly in labor-intensive industries./.