Thailand's Economy Grows 2.3%, Bank of Thailand Reports

The government's public relations office reported on the July 8, 2569 meeting of the state-private sector economic committee (SPSC) where Bank of Thailand Governor Withaya Ratanakorn presented data showing Thailand's economy is more flexible than many had previously assessed. Contrary to earlier concerns about supply shocks from Middle East conflict, Thailand has managed impacts well across procurement and business adaptation.

With a 400 billion baht economic stimulus package supporting purchasing power, the Bank of Thailand revised its 2023 GDP growth forecast upward to 2.3%—the market's highest estimate and a sign of underlying economic strength. Recent inflation figures came in lower than expected, suggesting further price declines and demonstrating overall economic stability.

Prime Minister Anutin Charnvirakul told business and economic agencies at the SPSC meeting that foreign investors remain highly confident in Thailand. He emphasized that investors seek streamlined approvals, reduced steps, and one-stop services rather than infrastructure improvements. The government is accelerating facilitation through the Board of Investment and related agencies, with nearly 1 trillion baht in pending investment interest.

The prime minister identified three strategic strengths to attract investment: food security, logistics systems, and Thai companies' international investment capacity. In an uncertain global environment, he noted that food-producing nations gain significant economic leverage, making it essential to elevate agriculture to strategic advantage. He called repeatedly for state agencies and Thai businesses to convert strong foreign investor confidence into actual investment that creates jobs and income for Thai people.