Top business groups see GDP growth of 2.5%-3% this year

Top business groups see GDP growth of 2.5%-3% this year

The Joint Standing Committee on Commerce, Industry and Banking projects an economic growth of 2.5%-3.0% this year. (Bangkok Post photo)
The Joint Standing Committee on Commerce, Industry and Banking projects an economic growth of 2.5%-3.0% this year. (Bangkok Post photo)

Leading business associations on Wednesday projected economic growth of 2.5%-3.0% this year in the face of a global slowdown and volatile exchange rates amid heightened Iran-US tensions.

Exports, a key driver of growth in Thailand, may not post an increase or could even contract as much as 2% this year, according to a joint statement of the Joint Standing Committee on Commerce, Industry and Banking.

The committee comprises the Federation of Thai Industries, Thai Bankers' Association, Thai Chamber of Commerce and Board of Trade of Thailand.

"In 2020, the economy still faces several negative factors, such as a global slowdown, with tensions in the Middle East and severe drought adding to the pressure," Kalin Sarasin, president of the joint business group, told reporters.

The group is asking the government to speed up spending and prepare measures to tackle drought and to ensure moves in the baht will not affect trade competitiveness, Mr Kalin said.

For 2019, the group predicted gross domestic product (GDP) to grow 2.5%, which would be the weakest in five years, rather than expand 2.7%-3.0% seen earlier.

Thailand's official GDP data for 2019 is due on Feb 17.


Do you like the content of this article?
COMMENT (6)

CO2 pollution bounces back, climate goals at risk: IEA

PARIS: Global CO2 emissions have returned to pre-pandemic levels and then some, threatening to put climate treaty targets for capping global warming out of reach, the International Energy Agency said Tuesday.

13:45

More Myanmar arrested for illegal entry, Thai guide caught

KANCHANABURI: Another 33 Myanmar nationals have been caught entering the country illegally in search of jobs, and a Thai guide has admitted he was being paid 3,000 baht per head to bring workers across the border.

13:14

Jihadists attack UN base in Nigeria, trapping 25 aid workers

KANO, Nigeria: Jihadists linked to the Islamic State have attacked a UN base and overrun a humanitarian hub in northeastern Nigeria, trapping 25 aid workers, security and humanitarian sources said.

11:45