Prime Minister Anutin Charnvirakul has ordered the Office of the National Economic and Social Development Council (NESDC) to reassess its GDP outlook after key economic indicators improved.
Speaking on the weekly Talk with the Anutin Cabinet programme on Saturday, Mr Anutin said new data showed stronger-than-expected performance across key sectors.
He said foreign investment in the first half of the year was already 30% higher than the total for all of last year, while exports grew by more than 20%, at times approaching 25%.
Employment and corporate and personal income tax collections were also rising, and government stimulus measures had helped circulate money through the economy, he said, suggesting the economy was outperforming the earlier 2.1% growth projection.
“How can the economy still grow by only 2.1%? GDP growth this year will definitely not be 2.1%,” he said.
Mr Anutin said the NESDC’s initial assessment, after a review of its calculation methods, assumptions and data, indicated an improvement.
The revised figure is still being assessed after consultations with the Thai Chamber of Commerce, the Federation of Thai Industries and other business groups, he said.
He said the growth figure is important for investor confidence, as being seen as a low-growth economy could limit investment opportunities.
The government’s overseas visits are aimed at expanding trade, investment and international cooperation and positioning Thailand as a capable business partner, not a country seeking assistance, he said.
Mr Anutin said Thailand should compete for investment on its workforce, transport infrastructure, logistics, domestic market and regional supply-chain links rather than cheap labour or electricity.
Its transport networks give investors based in the country access to not only a domestic market of about 70 million people but also the wider Asean market of around 700 million, he said.
On energy, he said the government is promoting household clean-energy generation to cut electricity costs and allow surplus power to supply industry and public services.
He said hosting the IMF-World Bank meetings creates opportunities for bilateral talks, business matching and international cooperation while demonstrating Thailand’s ability to host major global events.
The government hopes to build on the meetings to attract more business, investment and tourism, added the prime minister.