Pichai optimistic about exceeding 3% growth this year

Deputy PM and Finance Minister Pichai Chunhavajira is optimistic about Thailand’s GDP growth surpassing 3% in 2025, citing upcoming large-scale foreign investments.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira expressed confidence on Monday that the government would surpass private sector expectations by achieving GDP growth of over 3% this year.

Pichai attributed his optimism to signs that several large investment projects by foreign firms are set to be implemented in Thailand during the second half of 2025.

He stated that numerous major investment projects had already applied for privileges from the Board of Investment and were likely to receive approval, allowing them to commence operations later this year.Earlier, the Thai Bankers Association forecast 2025 GDP growth at between 2.4% and 2.9%, with individual commercial banks offering even more conservative projections. For instance, Krungthai Bank predicted growth at 2.7%, while TTB and KBank both estimated 2.6%. Meanwhile, the National Economic and Social Development Council forecast growth in the range of 2.3% to 3.3%.

Pichai credited the anticipated growth exceeding 3% to Prime Minister Paetongtarn Shinawatra's proactive efforts. He highlighted her international roadshows aimed at reassuring foreign investors that legal barriers to investment had been removed under her government.

He emphasised that Thailand remains one of the few ASEAN nations attracting strong interest from foreign investors.

“If Thailand can instil confidence among foreign investors, they will continue investing in our country this year, creating numerous job opportunities,” Pichai said.

While declining to disclose specifics about the major projects slated for investment in Thailand this year, Pichai assured that these investments would be implemented gradually. He also noted that announcements from large foreign corporations about their investments would bolster confidence among other investors.

(2025/01/27-00:00)