JPMorgan: Thailand's Economy to Recover in 2024 with Tourism, Stimulus, and FDI
JPMorgan executive Marco Sucharitkul is optimistic about Thailand's economy in 2024, despite some financial institutions lowering the country's GDP growth forecast to 2.3-2.7%.
He believes the tourism industry will lead the recovery and upcoming government stimulus measures will provide additional support.
Despite global financial constraints, Thailand is seen as a beacon of hope in Southeast Asia with resilience and growth potential.
The text discusses predictions for the Thai economy in 2024.
Factors contributing to the expected recovery include fiscal relaxation, a revival in tourism, and normalization of employment in the service sector.
The government's proactive measures, such as extended visas and streamlined visa processes for key tourist markets, promoting foreign investment, and the approval of the 2024 Budget Act, are expected to strengthen the economy and attract foreign investment through initiatives of the Board of Investment.
The text discusses the belief among some experts and entrepreneurs that government initiatives like digital wallets will contribute to Thailand's economic growth.
The Thai government has confirmed that the digital wallet scheme will proceed, with benefits expected to be distributed in the last quarter of the year.
The prime minister is seeking legal advice to ensure the implementation adheres to the law.