Thailand's exports in 2024 are likely to rebound to growth of 3.6% from a projected decline of 2% this year. (Photo: Thaipbsworld.com) Bangkok (VNA) - Thai exports in 2024 are likely to rebound to growth of 3.6% from a projected decline of 2% this year, according to the latest forecast by the University of the Thai Chamber of Commerce (UTCC).
UTCC President Thanavath Phonvichai attributed the forecast to easing inflation and lower interest rates in various countries, which should increase demand for goods.
The Thai government agencies also plan to enact policies next year to increase exports to various markets, such as leveraging soft power to add value to shipments, addressing border trade barriers, and making greater use of free trade agreements, he said.
Thai exports are recovering in the fourth quarter of this year, showing gradual and consistent growth. The recovery is expected to become clearer by the middle of 2024, and we believe exports will contribute significantly to the Thai economy next year, he added.
He said the major stimulus scheme next year is the planned handout from digital wallets. The UTCC expects the Thai economy to grow by 4.5-5% in 2024; however, there are still risks for the export sector next year given the uncertain global economic conditions.
Both the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD) predict a slowdown in the global economy in 2024. The IMF forecasts global growth of 2.9% next year, down from 3% this year, while the OECD anticipates growth of 2.7%, down from 3% this year./.
