BANGKOK, Thailand – The Research Department of the Stock Exchange of Thailand (SET), in collaboration with the Thai Listed Companies Association, conducted a survey on the economic outlook, business operations, and key concerns for 2024-2025.
The survey, conducted from August 1st to September 27th, gathered responses from 249 listed companies. Approximately 70% of CEOs identified global trends, such as Generative AI and sustainability adaptation, as positive drivers for the economy and business operations. However, many expressed concerns over the negative impacts of international trade wars and rising minimum wages, which could increase production costs and negatively affect both the Thai economy and business operations.
According to 63% of CEOs, Thailand’s economy is expected to grow by 2-3% in 2024 and 2025. Key drivers of this growth include the recovery of the tourism sector, government stimulus measures, and budget disbursements. However, risks such as household debt, weakened domestic purchasing power, and political instability may pressure the economy. Additionally, by 2025, global political stability and rising labor costs are anticipated to further strain economic growth.
More than 70% of CEOs expect company revenues to grow in 2024, with even faster growth projected for 2025. Despite this optimism, executives are concerned about high household debt, which they view as the greatest risk to business operations, followed by rising costs, particularly energy expenses.
Three out of four CEOs expressed interest in investing or expanding operations within the next 12 months. Of these, 69% are eyeing opportunities in ASEAN, 12% in China, and 10% in India. However, liquidity concerns remain, with 64% of CEOs noting a slowdown in sales and 55% concerned about trade debt payments.
