Thailand could lose its regional economic competitiveness due to domestic political instability and the lack of policies to improve its long-term economic fundamental, leading economists say.
Ekniti Nitithanprapas, director of the Finance Ministry’s macroeconomic policy planning section, said the country has been slow to invest in large projects that would enhance long-term competitiveness.
Public investment has been subdued since the 1997 economic crisis, he said.
“Investors now have many more choices,” Dr Ekniti told the Bangkok Post. “What draws investors to Thailand is old infrastructure that was built 30 years ago – the Eastern Seaboard. Now it is beginning to reach capacity and environmental problems have grown.”
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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