The President of the Federation of Thai Industries or FLT Kriengkrai Thiennukul noted that the Thai economy in 2023 tends to continue to improve, and that activities return to normal. After the spread of the COVID-19 virus, the expansion of domestic demand, consumption and tourism, has returned to show signs of improvement. While Thai exports tend to slow down in line with the global economy. But taking advantage of free trade agreements (FTAs), such as the Regional Comprehensive Economic Partnership (RCEP), together with the government’s acceleration in negotiations for free trade agreements to open new export markets such as the Arab Gulf countries (GCC) and Saudi Arabia. Arabia can help maintain exports so they can continue to remain stable
The tourism side will improve better. It is expected that the number of foreign tourists traveling to Thailand will be at least 20 million people due to the long standing demand (Pent-Up Demand) of tourists in the past. In addition, China has begun to open up the country and will be a major force for Thailand’s domestic tourism to recover to pre-COVID-19 levels, which will lead to revenue from tourism and related services. Including private use, it continued to expand. In addition, there is a significant boost from the government’s economic stimulus measures.
There are also measures to promote investment in targeted industries. Specifically, promoting investment in accordance with the new policy of the Board of Investment (BOI) which will create a new economy (Economy Newydd) to be a big boost in investment in the country. Along with driving the economy in accordance with the BCG Model policy to create added value along with environmental stewardship. In addition, investment in the Eastern Special Development Zone (EEC), special economic development zones in 10 states, and special economic corridors in each region. including investments in various transport infrastructures It will help create opportunities and stimulate further economic activities.
A total of 17 expected growth industries include environmental management, printing and packaging, machinery and metalworking, automotive parts and accessories, digital, sugar, medical device manufacturers, power producers, renewable energy, furniture, pharmaceuticals, automotive, petroleum refineries, metal castings, roofing and equipment, steel, and food and beverages.
The main supporting factor came from the recovery of the tourism sector. This will lead to income from tourism and related services. And private consumption continued to expand, merchandise exports continued to expand. And opening new markets, the baht returned to a rate suitable for exporters and importers, investment in government infrastructure. and developing special economic zones Measures to promote investment in targeted industries and take advantage of the framework of the Free Trade Agreement (FTA).
Although the risk factors that need to be monitored are inflation and production costs which are still at a high level due to energy and food prices which remain volatile, interest rate trends are rising. This affects the cost of financing for entrepreneurs, the likelihood of recession in major economies, and geopolitical conflicts. As a result of the trade war and the severity of the war,
However, we are confident that in 2023 the Thai industrial sector will have a direction to grow from economic activities that tend to improve continuously. Various activities are returning to normal. After the spread of the COVID-19 virus, the expansion of domestic demand, consumption and tourism, has returned to show signs of improvement. While merchandise exports tend to slow down in line with the global economy. But taking advantage of the framework of the Free Trade Agreement (FTA) together with the acceleration of the government in negotiations for free trade agreements to open new export markets can help to maintain exports so that they can continue to remain stable
