thailandedition
Federation: Right Economic Team Needed for 2% GDP Growth

Federation: Right Economic Team Needed for 2% GDP Growth

Khaosod•Economy•1d ago

Reader Briefing

The Thai Industrial Confederation (TI) anticipates a 2% GDP growth for 2025, contingent on the new government forming an effective economic cabinet.

  • •The Thai economy in 2024 exceeded expectations, growing by 2.4%, driven by exports, consumption, and investment.
  • •The TI forecasts 2025 GDP growth to be around 1.6% and urges the new government to appoint a competent economic cabinet.
  • •Political stability is highlighted as crucial for investor confidence and economic recovery.
  • •The TI projects GDP growth to reach 2% in 2025, with potential for 3% and 4% in 2026-2027, and 5% by 2029.

Overview

  • •The Thai economy in 2024 grew by 2.4%, exceeding the previous forecast of 1.7%.
  • •GDP in the fourth quarter of 2024 expanded by 2.5%.
  • •The Thai Industrial Confederation (TI) expects the 2025 economy to grow by only 1.6%, a risk higher than anticipated.
  • •The TI urges the incoming government to assemble an economic cabinet based on the principle of 'right fit', bringing in professionals.
  • •The TI stated the economy will overcome 1.6% growth towards the 2% target, requiring professionals with knowledge, ability, and real experience.
  • •Political stability is considered crucial for restoring investor and business confidence.
  • •The TI projects GDP growth to reach approximately 2% in 2025.
  • •The TI predicts GDP growth to be around 2% in 2025, escalating to 3% and 4% in 2026-2027, and potentially reaching 5% by 2029.

Full article content is available on the original source.

Read on Khaosod (Thai Version)

Source: Khaosod (Original)

View Original Article

Key Quotes

Kreingkrai Thiennukul
"Thai economy will overcome 1.6% growth towards the 2% target... the incoming government must reorganize the economic cabinet, adhering to the principle of 'right fit', bringing in professionals with knowledge, ability, and real experience to drive it."
เศรษฐกิจไทยจะก้าวข้ามการเติบโตที่ 1.6% ไปสู่เป้าหมาย 2%...รัฐบาลที่จะเข้ามาชจำเป็นต้องจัดทัพคณะรัฐมนตรีด้านเศรษฐกิจใหม่ โดยยึดหลัก “ถูกฝาถูกตัว” คือการนำมืออาชีพที่มีความรู้ ความสามารถ และประสบการณ์จริง เข้ามาขับเคลื่อน

Key Entities

Organization

The Thai Industrial Confederation (TI)(ส.อ.ท.)ℹ️
Organization that provides economic forecasts and policy recommendations for Thailand.
Economic Cabinet(ครม.เศรษฐกิจ)
The group of ministers responsible for economic policy within the Thai government.
The Thai Industrial Confederation (TI)(สภาอุตสาหกรรมแห่งประเทศไทย)ℹ️
Organization that provides economic forecasts and policy recommendations for Thailand.
The National Economic and Social Development Council (NESDC)(สภาพัฒนาการเศรษฐกิจและสังคมแห่งชาติ)ℹ️
Thai government agency responsible for economic planning and analysis.
NESDC(สภาพัฒน์)ℹ️
Abbreviation for The National Economic and Social Development Council (NESDC), Thai government agency responsible for economic planning and analysis.
The Joint Public and Private Sector Consultative Committee (JPPCC)(คณะกรรมการร่วมภาคเอกชน 3 สถาบัน)
A collaborative committee representing three major private sector organizations in Thailand that provides policy recommendations.
JPPCC(กกร.)
Abbreviation for The Joint Public and Private Sector Consultative Committee (JPPCC), a collaborative committee representing three major private sector organizations in Thailand.
Bhumjai Thai Party(พรรคภูมิใจไทย)ℹ️
A political party in Thailand, mentioned as leading the economic team that drove policy.
International Monetary Fundℹ️
International organization that provides global economic forecasts and analysis.
World Bank(ธนาคารโลก)ℹ️
International financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.
World Bank(เวิลด์แบงก์)ℹ️
Abbreviation for the World Bank, an international financial institution.

Person

Kreingkrai Thiennukul(นายเกรียงไกร เธียรนุกุล)
President of the Thai Industrial Confederation (TI).

Policy

Khon La Khrueng Plus Project(โครงการคนละครึ่ง พลัส)
A government stimulus measure aimed at boosting domestic purchasing power.