The Thai Chamber of Commerce (TCC) anticipates the economy will grow by 2.4-2.9% and exports will rise by 1.5-2.5% this year while inflation will remain low in a range of 0.8-1.2%.
The private sector is concerned about the second quarter if the government runs out of measures to stimulate the economy.
Sanan Angubolkul, chairman of the TCC, said the economy will face domestic and international challenges this year.
The private sector will be closely monitoring the presidency of Donald Trump, particularly regarding his trade policies and proposed import tariff hikes that could impact many countries worldwide.
This may prompt several countries to accelerate imports in the first half of the year before the tariffs are implemented, potentially resulting in a positive outlook for exports during this period.
The private sector is concerned about two key issues in the second half of the year: a possible reduction in government spending to stimulate the economy and the condition of the global economy, which could negatively affect Thailand's tourism and export sectors.
Consequently, the government must introduce measures to bolster state revenue, he said.
For instance, he said raising the rate of VAT from 7% to 15% might be unrealistic, but a gradual increase from 7% to 8% could be a more feasible option.
Mr Sanan said the government must carefully evaluate the timing to avoid an adverse impact on people's incomes, which could slow economic growth.
He emphasised the need for long-term economic management through cooperation between financial and fiscal policy agencies to generate additional revenue for economic stimulus measures and to replenish state funds.
"The government should reintroduce initiatives like the 'Khon La Khrueng' [co-payment] scheme or implement other schemes to boost economic activity and spending," he said.
Regarding political stability, amid rumours of a major cabinet reshuffle in April, Mr Sanan said that such adjustments are normal for any government.
He expressed confidence that the administration will remain stable and capable of continuing its work.
Over the concern suurounding the influx of cheap imported goods, especially from China, Mr Sanan said the TCC is studying trade measures adopted by other Asean countries.
The findings, expected to be finalised in February, will be proposed to the government as guidelines for managing and protecting Thailand's international trade interests.
Thanavath Phonvichai, president of the University of Thai Chamber of Commerce, noted that the university has maintained its economic growth forecast of around 3%.
However, it would be necessary to monitor the upcoming Chinese New Year to see if it would affect the number of Chinese tourists visiting Thailand following the recent events involving Chinese actor Wang Xing.
He said attention must be given to the implementation of measures such as the Easy E-receipt scheme and the 10,000-baht cash handout to individuals aged 60 and above.
He said these initiatives are expected to inject 80-100 billion baht into the economy, potentially driving growth in the first quarter.
Whether the economy can turn around in the second quarter remains to be seen, with the second quarter serving as a crucial marker, he said.