Thai Chamber of Commerce Vice Chairman Urges Action as GDP Growth Stalls at 1.5% in Q1/2024


On May 23rd, Thai national media reported that Mr. Wisit Limluecha, the Vice Chairman of the Thai Chamber of Commerce, expressed concern about the slow economic recovery, noting that GDP growth in Q1/2024 was only 1.5%.

Wisit attributed this sluggish growth to global economic pressures and the drought in 2023, which reduced agricultural production. He emphasized the need for effective measures from the Thai Ministry of Finance to boost the national economy.

Wisit also highlighted that international conflicts could have long-term impacts on Thailand’s economy.

Despite an expected GDP growth of less than 2%, Wisit pointed out that Thailand’s tourism sector had a competitive edge. However, he noted that domestic flight prices remained high, even though accommodation and food were affordable for tourists.

Wisit supported government policies aimed at stimulating tourism in secondary cities by organizing events that showcase local identities. He stressed the importance of improving accommodations and transportation to facilitate tourism growth.

Additionally, Wisit urged the government to support the export and trading sectors. He called for measures to improve financial liquidity, as high interest rates amid the economic slowdown were challenging for businesses.

This article originally appeared on our sister website The Pattaya News.

Kittisak Phalaharn
Kittisak has a passion for outgoings no matter how tough it will be, he will travel with an adventurous style. As for his interests in fantasy, detective genres in novels and sports science books are parts of his soul. He works for Pattaya News as the latest writer.