The Thai economy is showing indications of improvement as a result of government initiatives that have helped to stimulate it. After the value of incentivized investment projects reached 700 billion baht in 2022, the Thai government revised its GDP growth forecast to as high as 4%. It is currently anticipated that this figure would hit 1 trillion baht annually in the not-too-distant future.
Anucha Burapachaisri, a representative for the government, has stated that the prime minister has been kept up to date on the plans and operations of government units, as well as predicted economic numbers. Prime Minister Gen. Prayut Chan-o-cha expressed appreciation to all industries for working together with the government to boost economic forecasts for the upcoming year.
An additional statement from the spokesman indicated that Energy Minister Supattanapong Punmeechaow has predicted a 4% growth rate for the Thai economy in 2018. The minister made reference to the steady credit rating of the kingdom of Thailand as evidence of the country’s effectiveness in maintaining budgetary discipline. Experts in economics and politics from other countries have also praised Thailand’s crisis management.
According to Anucha, who acts as the government’s spokesperson, aid and rehabilitation measures have been given to help the public. In addition to boosting the economy, the door it opened up to new sectors and technology. The administration also reestablished ties with Saudi Arabia after a 32-year break, which would likely facilitate more commerce between Thailand and countries in the Middle East and Africa.
As the spokesman pointed out, private sector consumption is on the rise, and the number of international visitors is anticipated to top 20 million. A total of around 700 billion Thai baht was allotted for investment promotion incentives in the year 2022. In the not-too-distant future, the yearly value of incentivized projects might hit 1 trillion baht.