National —
On August 8th, 2024, Mr. Payong Srivanich, the President of the Thai Bankers’ Association, announced that the Joint Private Sector Committee’s August 2024 economic forecast for 2024 projects a growth rate of 2.2-2.7%, with exports expected to increase by 0.8-1.5% and inflation at 0.5-1.0%, maintaining July’s estimates.
Payong expressed concern over the shrinking manufacturing sector, despite 1,009 new factories opening in the first half of 2024, a 122.67% increase from last year, mainly driven by foreign investment through the BOI.
However, the Department of Industrial Works reported that 667 factories closed during the same period, an 86.31% increase from the previous year. Most closures were small or SME factories, with the average capital per closed factory dropping to 27.12 million baht, said Payong.
The committee is preparing proposals to promote domestic industries, such as the “Made in Thailand” initiative, to inject capital into the economy, remarked Payong.
Additionally, the meeting underscored the urgent need to expedite budget disbursements to stimulate public construction activities, boost related economic sectors, and improve employment and liquidity to support weak purchasing power, concluded Payong.
This article originally appeared on our sister website The Pattaya News.
