BANGKOK, May 8 (Xinhua) -- Thailand's economy is expected to grow between 2.2 percent and 2.7 percent this year, down from 2.8 percent to 3.3 percent forecasted earlier due to sluggish exports, a joint business group said on Wednesday.
Exports, a key driver of the Southeast Asian country's economic growth, are projected to expand 0.5 percent to 1.5 percent in 2024, down from an increase of 2 percent to 3 percent in the previous forecast, according to the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB).
The slowdown is attributed to ongoing geopolitical conflicts that pose an impact on global trade volumes, while recovery in the Thai tourism sector remains a vital growth engine, the JSCCIB said in a statement.
The group urged the government to take a cautious approach to the proposed minimum wage hike, as a large increase would hamper the nation's competitiveness amid global volatility, the statement said.
The kingdom's economy expanded by 1.9 percent last year, decelerating from 2.5-percent growth in 2022. ■