Thailand’s economy continues to grapple with challenges, marked by sluggish domestic demand and significant slowdowns in the second quarter of 2024.

Chiang Mai’s Used Car Market Stalls in Economic Woes

The recent meeting of the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) has indicated that, despite government initiatives to boost public investment, private investment shrank by 6.8%, largely due to a steep decline in automotive sales.

Payong Srivanich, Chairman of the Thai Bankers’ Association, who led the JSCCIB meeting, said that the ongoing floods worsened the situation, with damages estimated at 6-8 billion baht — which is about 0.03-0.04% of GDP –, severely impacting the agricultural sector.

Payong emphasized that the 24% drop in automotive sales played a major role in the economic slowdown. Nonetheless, the JSCCIB maintained its 2024 growth forecast at 2.2-2.7%, while revising export growth upwards to 1.5-2.5%, driven by a 15.2% surge in electronic goods exports in July.

Full story: National News Bureau of Thailand

Naark Rojanasuvan
National News Bureau of Thailand