Thai-Chinese Chamber of Commerce believes 2022 GDP will grow by 3.3%

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The Thai-Chinese Chamber of Commerce (Thai CC) expressed its view that Thailand’s economy will be able to grow by 3.3% this year. This would be due to exports and an improved tourism scene. Meanwhile, it cautioned that the global economy and conflicts between superpowers need to be monitored.

Thai CC President Narongsak Putthapornmongkol revealed the results of a confidence survey by his organization. The survey of 305 business leaders’ confidence for the 4th quarter of 2022 found that respondents believe the economy will expand by 3.3% this year. Factors cited as hindrances to the Thai economy’s revival include the global economic slowdown, inflation, and domestic political stability. Other factors cited include household debt, economic crises faced by some trading partners, and conflicts between global superpowers.

Mr. Narongsak noted survey respondents deem China to still be a reliable export market for Thailand. Thailand-China trade expanded by 7.34% in the first 7 months of this year. However, Thai exports to China declined by 2.62%. Prominent exports to China include computers and parts, plastics, rubber products, cassava, para rubber as well as fresh, chilled, and frozen fruit. The chamber president expressed his view that Thai exports to China, especially farm exports and agriculture industry products, can grow much further. He said freight costs are on the decline, the baht has weakened and China’s relaxation of Covid curbs is resulting in more demand for food. He said, however, that the private sector needs to monitor the global economic situation and the Chinese economy, as well as the conflicts between superpowers.

Mr. Narongsak also expressed concern over the domestic political situation. He said interruptions that cause any delays to the APEC summit or make it unviable for APEC leaders to participate would impact Thailand’s credibility.

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