According to the ministry, the industrial sector’s gross domestic product (GDP) will increase by 1.5 to 2.5% from the previous year.
According to Industry Minister Suriya Juangroongruangkit, the government’s “Rao Tiew Duay Kan” (We Travel Together) co-payment program, which is currently in its fifth phase, will significantly enhance the tourism industry and subsequently private consumption, particularly in the service industries.
According to him, China’s decision to ease its travel restrictions at the beginning of this year has also contributed to the tourism industry’s resurgence.
Suriya predicted that more economic stimulus programs, such as the “Shop Dee Mee Kuen” (Shop and Repay) program, will provide the economy a boost. Yet, it is anticipated that the eagerly anticipated general election, which is provisionally set for May 7, will boost the economy nationally in a number of industries.
The most votes were cast in Thailand’s most recent election, which took place on March 24, 2019, and Prayut Chan-o-Palang cha’s Pracharath won 116 of the country’s 500 House of Representative seats.
Suriya drew attention to the fact that there were still potential barriers to the anticipated growth of MPI and industrial GDP, including the global economic downturn, an increase in energy prices, rising interest rates, and rising household debt.
According to the ministry, the MPI for January increased by 6.61% over the previous month to 99.82 points, with 62.31% of production capacity being utilized. Suriya claimed that the significant increase in the MPI last month was the result of increased economic activity following a surge in international tourists to Thailand over the New Year.
The decline in worldwide demand brought on by the economic downturn in Europe and the United States, he continued, would have little effect on sectors that cater to domestic consumers, such as the production of automobiles, oil refineries, apparel, and beverage companies.
The ministry predicted that the growth of MPI in the upcoming months would be driven by an increase in domestic spending and the number of foreign tourists.