BANGKOK – Thailand’s exports are expected to rise 1 percent-2 percent in 2024, the Thai National Shippers’ Council said on Tuesday, maintaining a previous forecast.
Exports are a key driver of Southeast Asia’s second-largest economy but muted global demand has meant sluggish trade in recent months.
“In 2024, (export) growth will become more difficult as major markets are still weak. We need to find new markets,” Chaichan Chareonsuk, chair of the council, told a briefing. Customs-based exports rose at a less-than-expected 4.9 percent in November from a year earlier, but contracted 1.5 percent year-on-year in the first 11 months of 2023.
The council also maintained its projection for 2023, when it expected exports fell 1 percent, according to a statement.
To revive the economy, the government is rolling out stimulus measures like waiving visas for Chinese tourists, suspending farmers’ debt, a minimum wage hike, and a generous $14.3 billion handout scheme.
The program to give away 10,000 baht (around $285) to 50 million Thais to spend in their local communities was the signature election policy of the ruling Pheu Thai party.
The government wants to spur growth in Southeast Asia’s second biggest economy, largely though stimulus and consumer spending, with Thailand trailing regional peers with growth forecast at about 2.4 percent last year, short of the 2022 figure.
The “digital wallet” plan has come under fire from economists and some former central bank governors who say it could be fiscally irresponsible and fuel inflation.
The government last year sought the Office of the Council of State’s advice on the legality of a borrowing bill for the program.
The office said borrowing for the digital wallet program “can be done” under the power of the cabinet and the digital wallet committee.
Thailand’s exports in October rose at the fastest annual pace in more than a year but less than expected, and the commerce ministry said full-year exports would still show a small contraction.
