BANGKOK, Aug. 5 (Xinhua) -- Thailand's leading private-sector organizations on Wednesday upgraded the country's economic forecasts for 2026, citing a surge in technology exports tied to the global artificial intelligence (AI) boom.
According to the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), the Southeast Asian country's gross domestic product (GDP) is projected to grow 1.6 percent to 2.0 percent this year, up from a previous range of 1.2 percent to 1.6 percent.
Exports, a key driver of Thai economic growth, are projected to expand 8 percent to 10 percent this year, a dramatic reversal from the April-May projection of a 0.5 percent to 1.5 percent contraction, said the JSCCIB, which groups the Thai Bankers' Association, the Federation of Thai Industries and the Board of Trade of Thailand.
Thai export value rose 17.6 percent year-on-year in the first half of the year, led by technology goods, which accounted for 26.5 percent of shipments and grew 45.9 percent year-on-year in line with global AI demand, the committee said in its monthly briefing.
Payong Srivanich, chairman of the Thai Bankers' Association, said the upgrade comes against a highly uncertain second half, shaped by conflict in the Middle East and the AI technology cycle, which together are pulling the global economy into a "K-shaped" pattern.
Payong pointed to the International Monetary Fund's revised 2026 GDP projections, under which heavy energy-importing economies are set to slow while economies benefiting from the digital wave, including Asian countries such as Thailand, perform more strongly.
Despite robust export and investment momentum, he cautioned that Thailand has not yet converted the boom into full domestic value added, with manufacturing on the upper arm of the "K" growing fast but passing through only part of the gains.
The committee urged an acceleration of local-content development to help meet regional value content requirements, support for domestic production to reduce reliance on imports, the build-out of local supply chains, and planning for higher-quality jobs. ■
