Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has maintained the economic growth projection for 2024 for Thailand at 2.8%-3.3% as it urges the government to cut interest rates, stimulate the economy and accelerate the disbursement of the 2024 fiscal budget.

JSCCIB president Kriengkrai Thiennukul said that, even though the GDP growth forecast for this year remains unchanged, the Thai economy is facing significant risks posed by structural limitations, an export slowdown and weakening domestic consumption.

As such, the economy needs a big boost from the government, such as stimulus measures, an interest rate cut and speedy budget disbursement.

He pointed out that exports of hard drives, plastic products and automobiles are slowing down, while exports of car tyres and processed meats are picking up.

He said that there are, however, signs of economic recovery in the United States and China, two major export markets for Thailand, and this will help boost Thai exports.

Due to an increase in geo-political conflicts which, in the long term, may affect Thailand, Kriengkrai urged the government to maintain a balancing act to avoid any involvement which may hurt the country’s interests.

He also urged the government to address aggressively the problem of substandard imported goods sold online by imposing VAT on online transactions of less than 1,500 baht, to protect Thai SMEs.

The government should also increase random checks on items in tax free zones, to ensure that the importers declare the volume and value of their imported goods correctly, especially substandard products which, according Kriengkrai, are adversely affecting more than 20 industrial groups, mostly SMEs, in Thailand.