Thailand’s GDP growth this year is forecast to fall by 0.2-0.6%, to lower than the current 2.4 and 2.9% estimate, as a consequence of the reciprocal tariffs to be imposed by the Trump administration, said Kriangkrai Thiennukul, chairman of the Joint Standing Committee on Commerce, Industry and Banking.
He also said that the Thai economy is expected to be affected by fewer tourist arrivals, especially from China, due to the economic slowdown there, compounded by the impacts of the earthquake in Myanmar, which affected Bangkok and several other major provinces.
He suggested that the government come up with short-term measures to mitigate the impacts from external uncertainty, while revising macroeconomic policies to boost Thailand’s competitiveness and the efficiency of the public sector.
Kriangkrai urged the government to remain vigilant for indirect impacts on Thai products for export to the US market from the dumping of cheap Chinese products in Thai market, adding that Thailand may have to increase imports of goods from the US.
“This is a moment of opportunity amidst uncertainties caused by the trade war and the recent earthquake,” said Kriangkrai, as he called on the government and private sector to cooperate more closely to address the new challenges.
