BANGKOK — Thailand’s Deputy Prime Minister and Finance Minister Pichai Chunhavajira has expressed confidence that the government would surpass private sector expectations by achieving GDP growth of over 3 per cent 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 per cent and 2.9 per cent, with individual commercial banks offering even more conservative projections. For instance, Krungthai Bank predicted growth at 2.7 per cent, while TTB and KBank both estimated 2.6 per cent. Meanwhile, the National Economic and Social Development Council forecast growth in the range of 2.3 per cent to 3.3 per cent.

Pichai credited the anticipated growth exceeding 3 per cent 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.

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. — VNS