Next year the Thai economy, particularly exports, will be driven by high-potential industries such as agriculture, food, cars and auto parts, as well as bio-, circular and green (BCG) manufacturing, says the Federation of Thai Industries (FTI).
BCG, which was declared a national agenda item in 2021, aligns with global campaigns to protect the environment. Manufacturers are encouraged to adopt technologies that add value to their products and cause minimum impact to the environment, said the federation.
Demand for products from these industries will continue to grow next year, said Kriengkrai Thiennukul, chairman of the FTI.
"We expect the export sector to benefit from this trend. Many products in these industries are used in daily life," he said.
The Joint Standing Committee on Commerce, Industry and Banking said earlier it expects GDP to grow by 2.8-3.3% next year, with exports estimated to expand by 2-3% and inflation registering 1.7-2.2%.
The 2024 economic growth projection includes the state's plan to implement a 10,000-baht digital money handout.
According to the FTI, prices should increase in the agriculture and food industries next year because of the impact of drought and higher raw material prices.
"The prices will increase mainly because of lower goods supply. Exporters can benefit from this situation," said Mr Kriengkrai.
The FTI expects the value of food exports to tally 1.65 trillion baht in 2024.
From January to September this year, food export value increased by 4.6% year-on-year to 1.16 trillion baht. For the whole year, value is projected at 1.55 trillion baht.
He said renewable energy development should also gain momentum next year as foreign investors demand clean energy to fuel their businesses in Thailand.
Renewable energy is becoming more important as the world steps up efforts to reduce carbon dioxide emissions from fossil fuels in order to slow down global warming.
"Tech companies want 100% renewable energy as they aim to reach net-zero targets," said Mr Kriengkrai.
Net-zero refers to efforts to strike a balance between greenhouse gas emissions and absorption.