Latest news with #KriengkraiTheinnukul
Reuters
07-05-2025
- Business
- Reuters
Thai business group cuts 2025 GDP growth forecast over tariffs impact
BANGKOK, May 7 (Reuters) - Thailand's economy is expected to grow by between 2.0% and 2.2% this year, down from a previous forecast of 2.4% to 2.9% growth due to the impact of U.S. tariffs, a leading joint business group said on Wednesday. Exports, a key driver of Thailand's economy, could rise by 0.3% to 0.9% this year, lower than an earlier projection of 1.5% to 2.5% growth, the Joint Standing Committee on Commerce, Industry and Banking said. Thailand is among the Southeast Asian nations hardest hit by U.S. President Donald Trump's measures, with a 36% tariff if a reduction cannot be negotiated before a moratorium expires in July. The business group was concerned that export rivals might negotiate better tariff terms and disadvantage Thai shipments to the United States, a key market, said Kriengkrai Theinnukul, chair of the Federation of Thai Industries, which is part of the group. The baht appreciation was also was a concern and could weigh on businesses, he said, adding the government should manage the currency so it does not appreciate too fast or become too volatile. Thailand's finance ministry last week cut its forecast for economic growth this year to 2.1% from 3% due to the impact of U.S. tariffs and a global slowdown.
CNA
07-05-2025
- Business
- CNA
Thai business group cuts 2025 GDP growth forecast over tariffs impact
BANGKOK :Thailand's economy is expected to grow by between 2.0 per cent and 2.2 per cent this year, down from a previous forecast of 2.4 per cent to 2.9 per cent growth due to the impact of U.S. tariffs, a leading joint business group said on Wednesday. Exports, a key driver of Thailand's economy, could rise by 0.3 per cent to 0.9 per cent this year, lower than an earlier projection of 1.5 per cent to 2.5 per cent growth, the Joint Standing Committee on Commerce, Industry and Banking said. Thailand is among the Southeast Asian nations hardest hit by U.S. President Donald Trump's measures, with a 36 per cent tariff if a reduction cannot be negotiated before a moratorium expires in July. The business group was concerned that export rivals might negotiate better tariff terms and disadvantage Thai shipments to the United States, a key market, said Kriengkrai Theinnukul, chair of the Federation of Thai Industries, which is part of the group. The baht appreciation was also was a concern and could weigh on businesses, he said, adding the government should manage the currency so it does not appreciate too fast or become too volatile. Thailand's finance ministry last week cut its forecast for economic growth this year to 2.1 per cent from 3 per cent due to the impact of U.S. tariffs and a global slowdown.
Reuters
05-02-2025
- Business
- Reuters
Thai business group keep 2025 GDP forecast at 2.4% to 2.9%
BANGKOK, Feb 5 (Reuters) - Thailand's economy is still expected to grow between 2.4% to 2.9% this year despite intensifying global trade wars and increased competition from imported goods, a leading joint business group said on Wednesday. Domestic demand remains weak while the strengthening of the baht poses a challenge to exports, a key driver of Southeast Asia's second-largest economy, the Joint Standing Committee on Commerce, Industry and Banking said. The group said it was also maintaining its export growth forecast at 1.5% to 2.5% this year, even as U.S. tariffs on China raise concerns of more global trade disruption. Last year, exports increased 5.4% to a record $301 billion. Kriengkrai Theinnukul, chairman of the Federation of Thai Industries, said shipments had been boosted by stockpiling before President Donald Trump took office. "It may not be real demand. We will wait and see how this will affect exports in the first quarter," he told a news conference. Kriengkrai said Thai exports could become more competitive following U.S. tariffs on other countries. Trump has imposed tariffs on China and signalled the 27-nation European Union would be his next target, but he has suspended plans to level 25% tariffs on Mexico and Canada for 30 days. The influx of Chinese goods into Thailand remains a problem and as many as 30 industries will be affected this year if no proper measures are taken, Kriengkrai said. "China has clearly stated that it must produce and find markets. We have to protect ourselves," he said. For 2024, the group estimated economic growth at 2.8%. Official growth data is due to be released on Feb. 17.
