Thai Private Sector Targets 3% GDP Growth by 2027

Thansettakij•Economy•10m ago

Reader Briefing

The Thai private sector identifies foreign direct investment and future technology industries as key drivers to potentially reach 3% GDP growth by 2027.

•Private sector leaders estimate Thailand's 2027 economy could recover through FDI and future technology industries.
•The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) and domestic economic agencies estimate GDP growth at 2.2-2.4%.
•A 'Reinvent Thailand' strategy covering seven industries has been developed for submission to the Prime Minister on December 2.

Overview

•Dr. Poj Aramwattananont stated that the 2027 economy will benefit from expanding Foreign Direct Investment (FDI) and easing geopolitical tensions.
•Mr. Kriengkrai Thiennukul noted that investment promotion requests over the past 9 months totaled 1.7 trillion baht, with 1.2 trillion baht in Data Centers, AI, and digital sectors.
•Dr. Poj Aramwattananont and the government are driving the Reinvent Thailand strategy covering agriculture, automotive, medical, tourism, retail, smart electronics, and creative economy.
•The Reinvent Thailand plan is scheduled to be presented to the Prime Minister at the Joint Public and Private Sector Economic Monitoring Committee meeting on December 2.
•Mr. Kriengkrai Thiennukul identified four risks: oil price and inflation volatility, AI bubble risk, geopolitical conflicts including Russia-Ukraine and US-Iran, and fragile domestic purchasing power.
•Mr. Wisit Limluecha emphasized the need to upgrade the agriculture and food sectors toward Future Food and Longevity trends.
•Mr. Wetit Chokwatana identified three main economic engines: Energy Transformation, Green Transformation, and AI Transformation.
•Ms. Pornsuree Konanta warned that Thailand faces challenges from geopolitical tensions, climate change, and the need for energy security via natural gas production in the Gulf of Thailand.

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Key Entities

Person

Poj Aramwattananont(พจน์ อร่ามวัฒนานนท์)

Chairman of the Thai Chamber of Commerce and the Board of Trade of Thailand.

Kriengkrai Thiennukul(เกรียงไกร เธียรนุกุล)

Honorary Chairman of the Federation of Thai Industries.

Wisit Limluecha(วิศิษฐ์ ลิ้มลือชา)

Honorary Chairman of the Thai Processed Food Producers Association and President of the Thai Future Food Trade Association.

Wetit Chokwatana(เวทิต โชควัฒนา)

Executive Chairman and Managing Director of Sahapat Phoonnphiboon Public Company Limited.

Sangchai Theerakulvanich(แสงชัย ธีรกุลวาณิช)

Strategy Chairman of the Thai SME Confederation.

Panithan Pavarolaravit(ปณิธาน ปวโรฬารวิทยา)

Secretary-General of the Federation of Thai Industries.

Pornsuree Konanta(พรสุรีย์ กอนันทา)

Executive Vice President of Corporate Affairs at Chevron Thailand Exploration and Production Limited.

Tianprasit Chaiphatranan(เทียนประสิทธิ์ ไชยภัทรานันท์)

President of the Thai Hotels Association.

Sunthorn Sathaporn(สุนทร สถาพร)

President of the Housing Business Association.

Pornnaris Chuanchaisit(พรนริศ ชวนไชยสิทธิ์)

President of the Thai Real Estate Association.

Pitipat Preedanon(ปิติพัฒน์ ปรีดานนท์)

President of the Thai Condominium Association.

Organization

Thai Chamber of Commerce(หอการค้าไทย)

An organization represented by Dr. Poj Aramwattananont.

Board of Trade of Thailand(สภาหอการค้าแห่งประเทศไทย)

An organization represented by Dr. Poj Aramwattananont.

Federation of Thai Industries(สภาอุตสาหกรรมแห่งประเทศไทย)ℹ️

An industrial organization represented by Mr. Kriengkrai Thiennukul and Mr. Panithan Pavarolaravit.

Joint Standing Committee on Commerce, Industry and Banking(คณะกรรมการร่วมภาคเอกชน 3 สถาบัน)

A private sector committee referred to as JSCCIB that estimates GDP growth.

International Monetary Fund(กองทุนการเงินระหว่างประเทศ)ℹ️

An international organization that predicted GDP expansion of 2.1%.

Joint Public and Private Sector Economic Monitoring Committee(คณะกรรมการร่วมภาครัฐและเอกชนเพื่อแก้ไขปัญหาเศรษฐกิจ)

A committee where the Reinvent Thailand plan will be presented to the Prime Minister.

Thai Processed Food Producers Association(สมาคมผู้ผลิตอาหารสำเร็จรูป)

An association headed by Mr. Wisit Limluecha.

Thai Future Food Trade Association(สมาคมการค้าอาหารอนาคตไทย)

An association headed by Mr. Wisit Limluecha.

Sahapat Phoonnphiboon Public Company Limited(บริษัท สหพัฒนพิบูล จำกัด (มหาชน))

A company led by Mr. Wetit Chokwatana.

Thai SME Confederation(สมาพันธ์เอสเอ็มอีไทย)

A confederation represented by Mr. Sangchai Theerakulvanich.

Chevron Thailand Exploration and Production Limited(บริษัท เชฟรอนประเทศไทยสำรวจและผลิต จำกัด)

An energy company represented by Ms. Pornsuree Konanta.

Thai Hotels Association(สมาคมโรงแรมไทย)

An association represented by Mr. Tianprasit Chaiphatranan.

Housing Business Association(สมาคมธุรกิจบ้านจัดสรร)

An association represented by Mr. Sunthorn Sathaporn.

Thai Real Estate Association(สมาคมอสังหาริมทรัพย์ไทย)

An association represented by Mr. Pornnaris Chuanchaisit.

Thai Condominium Association(สมาคมอาคารชุดไทย)

An association represented by Mr. Pitipat Preedanon.

Policy

Reinvent Thailand

A strategy to restore and restructure the economy covering seven industries.

Place

Gulf of Thailand(อ่าวไทย)ℹ️

The location of natural gas production mentioned by Ms. Pornsuree Konanta.