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 growthof 3.6% from a projected decline of 2% this year, according to the latestforecast by the University of the Thai Chamber of Commerce (UTCC).
UTCC President ThanavathPhonvichai attributed the forecast to easing inflation and lower interest rates in various countries, which should increase demand for goods.
The Thai government agenciesalso plan to enact policies next year to increase exports to various markets,such as leveraging soft power to add value to shipments, addressing bordertrade barriers, and making greater use of free trade agreements, he said.
Thai exports are recovering in the fourth quarter of this year, showing gradualand consistent growth. The recovery is expected to become clearer by the middleof 2024, and we believe exports will contribute significantly to the Thaieconomy next year, he added.
He said the majorstimulus scheme next year is the planned handout from digital wallets. The UTCCexpects the Thai economy to grow by 4.5-5% in 2024; however, there are stillrisks for the export sector next year given the uncertain global economicconditions.
Both the InternationalMonetary Fund (IMF) and the Organisation for Economic Co-operation andDevelopment (OECD) predict a slowdown in the global economy in 2024. The IMFforecasts global growth of 2.9% next year, down from 3% this year, while theOECD anticipates growth of 2.7%, down from 3% this year./.
