Thailand's economy is recovering slowly and is expected to grow 2.2% to 2.7% this year, unchanged from a previous forecast, a leading joint business group said on Wednesday.
Exports, key driver of the Thai economy, are projected to rise 0.5% to 1.5%, also unchanged from a previous estimate, said the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), which includes representatives from those sectors.
The export sector has been slow to recover, while high household debt has impacted spending, the group said in a statement.
In the January-April period, exports rose 1.4% year-on-year, compared with a fall of 1% in the whole of 2023, commerce ministry data showed.
Southeast Asia's second-largest economy grew 1.5% in the first quarter from a year earlier, better than analysts' expectations but slowing from 1.7% in the prior quarter.
Last year's growth was 1.9%, lagging regional peers as it faces high household debt and borrowing costs alongside China's slow recovery.
The business group said it expected government stimulus plans to help the economy.
Prime Minister Srettha Thavisin said on Wednesday he expected growth would be much better in the fourth quarter as delayed 2024 budget spending was being disbursed, and the Finance Ministry was considering more stimulus measures.
Last week, Finance Minister Pichai Chunhavajira said Thailand planned stimulus measures in the short term to jumpstart the economy, which was expected to grow just 2.5% this year.
He said the economy should be expanding at least 3.5% annually.
The government is forging ahead a household stimulus scheme worth 500 billion baht (US$13.65 billion) expected to be launched in the fourth quarter.
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