BANGKOK, Thailand – The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has revised Thailand’s 2025 GDP growth forecast upward to 1.8–2.2% (from 1.5–2.0%), citing improving global conditions. However, the committee warned of an economic slowdown in the second half of the year, as temporary export drivers fade and global competition intensifies.
JSCCIB Chairman Payong Srivanich noted that recent U.S. tariff adjustments and trade negotiations with Asian countries—including Thailand—present both opportunities and challenges. While Thailand now faces a reduced 19% tariff instead of 36%, issues like stricter local content requirements and transshipment rules remain critical.
Exports are now expected to grow 2–3% in 2025, but concerns persist due to a strong baht, falling U.S. consumer demand, and geopolitical tensions, including the Thailand-Cambodia conflict. The tourism sector also faces headwinds from a slowdown in short-haul arrivals.
The JSCCIB emphasized that Thailand must urgently adapt in both the short and long term by improving industrial structure, increasing productivity, adopting technology, and upgrading workforce skills—especially for SMEs. U.S. trade policy should serve as a wake-up call for Thailand to enhance competitiveness through increased local content and value-added production.
However, Thailand still lacks detailed industrial data—such as domestic input usage and regional value content—needed for compliance with new global trade norms. The JSCCIB urged closer public-private cooperation to build a complete data foundation for effective policy responses and international trade negotiations. (TNA)
