Nation Thailand
JSCCIB lowers Thai GDP outlook as energy and labour risks persist
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2 แหล่งข่าวยืนยัน
Pimjai Leeissaranukul, chair of the Federation of Thai Industries ( FTI ), chaired a meeting of the Joint Standing Committee on Commerce, Industry and Banking ( JSCCIB ) on Tuesday (May 19, 2026).
Key facts
- The JSCCIB’s forecast range is based on key assumptions: average Brent crude of about US$90.3 per barrel in 2026; floating domestic fuel prices; and, in the lower-bound inflation case of 2.0%, an expected halving of the oil excise tax from
- Poj Aramwattananont, chairman of the Board of Trade of Thailand, and Worrakrit Jaruwongpak, secretary-general of the Thai Bankers’ Association, attended the meeting at Room 802 of the Federation of Thai Industries.
- Thailand’s economy grew by 2.8% in the first quarter of 2026, but growth was limited to some sectors.
- The JSCCIB assessed that Thai GDP in 2026 would expand by 1.2%-1.6%, down from its previous January-March 2026 estimate of 1.6%-2.0%.
- Private investment expanded well, the public sector accelerated disbursement, and exports grew strongly on digital technology and AI products in line with global trends, resulting in tech products expanding by more than 45% for a 12th
- It maintained its export forecast at between -1.5% and -0.5%, while inflation was raised to a range of 2.0%-3.0% from 0.2%-0.7%.
Summary
Poj Aramwattananont, chairman of the Board of Trade of Thailand, and Worrakrit Jaruwongpak, secretary-general of the Thai Bankers’ Association, attended the meeting at Room 802 of the Federation of Thai Industries.
Pimjai said the conflict in the Middle East had dragged on into its third month, and the Strait of Hormuz had yet to resume normal operations, keeping energy prices high.