China a Significant Driver to Recovery of Thai Economy, Says Prominent Economist

Thailand’s economy is on the path to recovery in 2023, and China’s role as a significant driver is evident, according to a Thai economist.

Kirida Bhaopichitr, Director for the Economic Intelligence Service of the Thailand Development Research Institute (TDRI), was recently interviewed by China’s official Xinhua news agency. She said China’s economic growth and its deepening cooperation with Thailand in industries are contributing to maintaining Thailand’s recovery momentum, while helping mitigate risks posed by factors such as slowing global economic growth.

Kirida noted that factors such as slowing global economic growth, increased uncertainty in the U.S. economy, geopolitical risks, fluctuation of the Thai baht exchange rate, and natural disasters all exert pressure on Thailand’s exports. Thai exports are expected to continue contracting in the foreseeable future.

Kirida emphasized China’s importance as a significant trading partner, a major source of foreign direct investment, and a significant contributor to tourist arrivals for both Thailand and the Association of Southeast Asian Nations (ASEAN). She added that China’s economic growth will significantly contribute to Thailand’s economic expansion.

According to the Thailand Board of Investment (BOI), investment promotion applications in the first half of 2023 have seen a remarkable 70% increase year-on-year, with China being the largest source of FDI applications with total investment pledges of 61.5 billion baht for 132 projects, mostly in electronics parts manufacturing.

Kirida said Chinese investments drive the growth of industries such as electrical vehicles and parts, electronics and information technology (IT) in Thailand.

The economist added that private consumption has exhibited consistent growth, supported by a recovering labor market, leading to improved consumer confidence across all occupational groups.

The preceding is a press release from the Thai Government PR Department, NNT.

Adam Judd
Mr. Adam Judd is the Co-owner of TPN Media since December 2017. He is originally from Washington D.C., America, but has also lived in Dallas, Sarasota, and Portsmouth. His background is in retail sales, HR, and operations management, and has written about news and Thailand for many years. He has lived in Pattaya for over nine years as a full-time resident, is well known locally and been visiting the country as a regular visitor for over a decade. His full contact information, including office contact information, can be found on our Contact Us page below. Stories please e-mail About Us: Contact Us: