The University of the Thai Chamber of Commerce (UTCC) expects the Thai economy to grow by nearly 2% this year, while the Monetary Policy Committee (MPC) has room for two more rate cuts.
Thanavath Phonvichai, president of UTCC, said no notable negative indicators suggest economic growth will underperform this projection.
He predicted Thai economic growth of 2-2.5% in the first quarter, followed by 2% in the second quarter.
Mr Thanavath expects the government to unveil more economic stimulus measures in the second half of the year.
He said there are no signs of drastic caution in consumer spending and affirmed Thailand's economy is on track for around 2% growth this year.
The MPC is projected to pursue a looser monetary policy, and there is a possibility of at least two more interest rate cuts this year, said Mr Thanavath.
This easing approach, combined with fiscal measures, are meant to stimulate the economy, especially as inflation in April declined by 0.22% and the average for the first four months was 0.7%, below the Bank of Thailand's target range, he said.
Moreover, Mr Thanavath stressed the importance of monitoring developments in US-China trade negotiations and the Chinese economic outlook.
Following China's recent cut of 0.5 percentage points to the reserve requirement ratio, banks are expected to increase their lending, he said.
Mr Thanavath said China's initiatives to lift domestic tourism could potentially increase its economic growth to 5% this year, which may lead to a rise in imports and outbound tourism.