Private sector bullish on Thailand’s GDP growth target this year

Kriengkrai said the inflation rate is expected to be between 3.5 and 5.5 percent while exports are expected to rise by 3 to 5 percent and the committee is monitoring a possible wage increase as well as the impact of the rise. oil prices caused by the Russian-Ukrainian conflict on the Thai economy.

A private sector-led committee is optimistic that Thailand will meet its GDP growth target of 2.5-4% this year if various measures are implemented.

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) said it was monitoring economic factors such as rising inflation, rising oil prices, tourist arrivals and others variables.

Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), said the inflation rate is expected to be between 3.5 and 5.5 percent while exports are expected to rise by 3 to 5 percent. He said the committee was monitoring a possible wage increase as well as the impact of rising oil prices caused by the Russian-Ukrainian conflict on the Thai economy.

The FTI, however, said it disagreed with the suggestion of raising the minimum wage by 492 baht, arguing that the spike would have a negative impact on small and medium-sized businesses already facing the impact. economy of Covid-19 and higher inflation.

The FTI chairman also expressed concern over the government’s cut in the diesel price subsidy program which will drive diesel prices above 30 baht per litre, warning that the rate of inflation could exceed 5% if prices continue to rise. The JSCCIB has urged the government to limit diesel prices to 35 baht for three months to ease the financial burden on households and businesses, as well as extend the diesel excise tax reduction, which is due to take end on May 20, for three additional months. . (NNT)