The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is scheduled to meet on Wednesday to discuss its outlook for Thai GDP and exports in 2024.
The panel will discuss both internal and external factors that can affect Thailand's economic health this year, said Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, a key member of the JSCCIB.
"We will look at various aspects of the Thai economy, including risks and the government stimulus measures planned for 2024," he said. "We may need to revise our forecast from 2023."
The JSCCIB announced last month it expects Thailand's GDP to grow by 2.8-3.3% this year, with exports forecast to expand by 2-3% and inflation registering 1.7-2.2%.
The growth projection includes the state's plan to implement a 10,000-baht digital money handout.
Thai GDP expansion is estimated at 2.5-3% for 2023, with exports contracting 1-2% and inflation of 1.3-1.7%, according to the committee.
For the first nine months of last year, the economy grew by 1.9%, attributed to sluggish exports stemming from the global slowdown, especially in the US and Europe.
Mr Kriengkrai said the Thai economy will continue to face challenges both domestically and externally.
He said high levels of household debt remain a glaring problem for the government.
Last year, Thai household debt exceeded 90% of the nation's GDP, which dealt a blow to the automotive industry.
Banks adopted stricter car lending criteria, causing a decline in domestic car sales, especially for pickups.
Expensive electricity bills remain a concern as they can increase operating costs, which may cause manufacturers to increase product prices, said Mr Kriengkrai.
Thailand still needs to monitor the impact of geopolitical conflicts on its economy, including the battle in Gaza and the Russia-Ukraine war, he said.