The Thai economy could suffer a loss of 160.5 billion baht ($4.6 billion), equivalent to 0.9 percent of its gross domestic product (GDP) in the total growth target for 2025.
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| Thailand may miss its economic growth target due to the US tariff plan. (Source: Chiangrai Times) |
The above information was announced by Mr. Thanavath Phonvichai, Chairman of the University Council of the Thai Chamber of Commerce at a press conference held on November 20.
Citing the school's research results on the tax plans announced by Mr. Trump before the US presidential election, Mr. Phonvichai commented: "This is a relatively large and unavoidable loss; the 3% GDP growth target for Thailand next year will be challenged."
According to Mr. Phonvichai, the economy could be directly affected by the decline in exports to the US - the country's largest export market.
There is also an indirect impact from supply chain disruptions. Mr Trump’s tax policies will also weaken the baht and reduce Washington’s investment in the Southeast Asian country.
Thai authorities are now ready to take steps to support the economy amid potential trade tensions under Trump and maintain a steady growth recovery through direct cash payments to citizens and debt relief.
Thailand is one of the economies that has benefited from the trade conflict between the world's two leading economies during Mr Trump's first term as president.
At that time, many companies and corporations reallocated production to avoid tax sanctions and trade barriers from the US.
Source: https://baoquocte.vn/mot-nuoc-dong-nam-a-lo-khong-dat-muc-tieu-tang-truong-kinh-te-vi-ong-trump-294504.html
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