Economy

SCB EIC revised down 2023 growth forecast to 2.6% due to Q3 GDP, government spending, and lower tourist arrivals. 2024 economy to grow at 3.0% with expanding exports and private investment. Concerns about slow recovery, inflation, and global economy. Long-term issues include low investment and slow revenue recovery. Solutions proposed to address structural issues.

Thai exports in October reached a 16-month high, with a value of USD 23,578.8 million. Exports of key products increased across the board, and exports to key destinations improved. Thai trade returned to a deficit, and SCB EIC expects exports to expand in 2024 by 3.7%.

Steel industry must alter production methods to reduce GHG emissions and strive for carbon-neutral operation. Examples from Sweden and Luxembourg highlight use of green technology to produce fossil-free steel. Collaboration and government support are needed for advanced technology adoption in developing countries like Thailand.