BANGKOK, July 29 – Thailand’s commercial sector is deeply concerned with the country’s economic downturn and pins its hopes on tourism as the sole stimulating factor for the second half of the year, a leading businessman said today.
Somkiat Anuras, deputy chairman of the Thai Chamber of Commerce, said data collected from chambers of commerce nationwide demonstrated a disappointing growth in all regions except for the eastern zone where business expansion remains satisfactory.
The stagnation is in accord with several agencies’ reduction of the country’s gross domestic product projections from 5 per cent to 4 per cent in the second half of the year.
More than 43 per cent of chambers of commerce nationwide predicted unfavourable economic growth while just 18.5 per cent of them remained optimistic, he said.
The highest concern is marked in the Central region where 63.7 per cent of business operators painted a gloomy picture for the Thai economy, he added.
Mr Somkiat said less consumption and higher household debts will impact the commercial sector while the global economic slowdown will affect the industrial sector, adding that the tourism sector will help drive the economy as the second half of the year is the high tourist season.
The eastern region with beaches and natural attractions will see an economic expansion by 56.5 per cent in the second half of the year while border trading is still positive in light of economic growth in neighbouring countries, he said.
He expressed concern that Thailand’s continuing political conflicts would affect tourism and consequently the country’s economic situation during the remaining months of the year.
