Following the victory of the Progressive Democratic Party Move Forward in the May 14 general election, the National Economic and Social Council (NESDC) expects the next government to present concrete strategic plans to improve Thailand's export sector, which has been shrinking this year and is likely to shrink next year.
NESDC Secretary General Danucha Pichayanan, at a press conference on Monday on the country's economic performance in the first quarter of this year and the overall outlook for 2023, noted that the successful formation of a coalition government and its internal stability will be critical to Thailand's economic growth in the current and subsequent four years.
This is boosting corporate and investor confidence as the country experiences a significant recovery in the tourism sector and domestic spending, he said.
However, according to the NESDC report, Danucha pointed to the weakness of the country's export industries due to the global crisis and geopolitical problems.
Therefore, the next government should immediately develop methods to promote this sector as it is one of the main engines of the Thai economy in the long term.
According to the report, the value of the country's exports in the first quarter was $69.8 billion, down 4.6% from the previous quarter, in line with the slowdown in the economic growth of major trading partners.
