Nation Thailand
IMF-World Bank meetings put Thailand in investment spotlight
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Thailand’s hosting of the International Monetary Fund (IMF) and World Bank Group Annual Meetings in October represents an important opportunity to raise the country’s international profile and demonstrate its capacity to stage major global events.
Key facts
- With average spending estimated at THB30,000–50,000 per person, he projected that the event could generate about THB5–10 billion in short-term economic activity.
- Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce (UTCC), noted that the Annual Meetings are held outside the institutions’ headquarters only once every three years.
- He estimated that the programme had increased the amount of money circulating in the economy and could help third-quarter gross domestic product (GDP) growth reach around 2.7–2.9%.
- For the fourth quarter, Thai economic growth is projected at 2.3–3.5%, supported partly by the tourism high season
- Foreign tourist arrivals are expected to average 2.5–3 million a month, generating more than THB20 billion in additional economic activity each month.
- Other supporting factors include faster government budget disbursement, including more than THB700 billion in investment expenditure, as well as THB400 billion in energy restructuring measures that Thanavath viewed as requiring accelerated
Summary
Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce (UTCC), noted that the Annual Meetings are held outside the institutions’ headquarters only once every three years.
South Korea, Japan and Thailand were the only three countries to have been selected to host the event for a second time, he added.