Local businesses are optimistic the Thai economy will start seeing clear signs of recovery in the third quarter thanks to growing tourism and flourishing border trade.
Somkiat Anuras, vice-chairman of the Thai Chamber of Commerce, said TCC members from all five regions met last Saturday and agreed the Thai economy had already bottomed out and begun to recover.
The five TCC regions are Bangkok and central Thailand, the North, the Northeast, the South and the East.
"We all expect the Thai economy in all regions to start seeing better signs, notably in the late second quarter or early third quarter, with tourism and border trade major drivers," Mr Somkiat said.
"The prospects come despite unfavourable farm prices and exports."
The TCC expects Thailand's economy to manage growth of 3.5% this year and strongly believes the country will achieve the border trade target of 1.5 trillion baht set by the Commerce Ministry.
Wirote Jirattigalachote, chairman of the TCC's committee on economic development in the North, acknowledged the country's overall economy remained sluggish in the first quarter, with consumption, trade and investment along with farm and non-farm sectors alike having yet to recover.
In the first three months of 2015, tourist arrivals to the North totalled 5.9 million with spending of 37 billion baht, up from 5.2 million and 31 billion in the same period last year.
The surge in tourist arrivals was due mainly to a doubling of low-cost flights to 120 a week and a higher volume of Chinese tourists travelling by land.
Northern border trade in the first quarter, especially through Tak's Mae Sot district and Chiang Rai's Chiang Khong district, reached 30 billion baht, up by 40-45% year-on-year.
The northern region contributes 8.8% of GDP, according to data from the National Economic and Social Development Board.
Bangkok and its vicinity contribute 44.3%, the East 18%, the Northeast 10.9%, the South 8.6% and the West 3.5%.
Pradchaya Samalapa, chairman of the TCC's committee on economic development in the East, said that region's economy would see a gradual recovery boosted by recovering tourism, growing automotive exports and border trade.
Jit Siratranont, chairman of the committee for the central region, said the economy there was expected to improve in the second quarter, particularly in the service sector, after enduring a first quarter of inactive consumption and private investment, falling farm prices and sluggish trade and tourism.