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Thursday, February 22, 2024
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Businesses anticipate growth of more than 3% in 2023

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According to a poll performed by the University of Thai Chamber of Commerce’s (UTCC) Institute of Trade Strategies, company owners are confident about Thailand’s economic development prospects this year.

According to the study, business operators predict the economy to grow by more over 3% in 2023, owing to an increase in the number of Chinese tourists visiting the country and money circulation from the general election.

The poll included company owners from around the country, with 76% running small enterprises in a variety of sectors such as services, trades, industries, and agriculture. Respondents responded that their company performance was comparable to last year, but that they expect prospects to improve during the next six months, eventually reverting to pre-pandemic levels.

The relaxation of disease control rules has resulted in an increase in commercial and economic activity. Nonetheless, the tourism industry is reviving as Chinese visitors return, and the general election is likely to improve cash flow.

However, respondents emphasized that the business sector must continue handle inflation, minimum wage increases, and variable energy costs, all of which effect corporate spending.

Yet, those polled predicted that the Thai economy will increase by 3.35 to 3.82%, or 3.42% on average, in 2023. Heavy campaigning during the general election is also predicted to send 100 to 120 billion baht into circulation in April and May, boosting total GDP growth by 0.5 to 0.7%.

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