Arya News - The meetings highlight Thailand`s push to attract foreign investment into high-value sectors such as AI, electric vehicles, and data centres.
BANGKOK – 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.
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.
He viewed Thailand’s selection as reflecting the country’s readiness and capacity to host an event of global importance, while strengthening its meetings, incentives, conventions and exhibitions (MICE) industry and its position as a regional hub for conferences and exhibitions in ASEAN.
IMF-World Bank meetings expected to generate billions
Thanavath estimated that the meetings would attract about 15,000–20,000 participants. 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.
The meetings would also provide an important platform for senior Thai government figures, the finance minister and the governor of the Bank of Thailand to outline their views on the direction of the Thai economy, helping to strengthen confidence among foreign investors.
Investment shifts towards AI, EVs and data centres
Looking beyond the meetings, Thanavath identified technology and next-generation infrastructure as key areas likely to attract foreign investment as Thailand’s economic structure moves towards higher-value industries.
These include digital technology and artificial intelligence (AI), data centres, electric vehicles (EVs), electronic components, humanoid technology and digital innovation.
Growth in these industries is also expected to attract greater numbers of highly skilled expatriates and digital nomads to Thailand, generating further benefits for tourism, services and digital financial innovation, including virtual banking, over the next three to five years.
Turning to the “Thai Helps Thai Plus” co-payment scheme, Thanavath noted that although the economy continued to show K-shaped characteristics, surveys of consumer and small and medium-sized enterprise (SME) confidence conducted by UTCC indicated that the measure had helped support both economic activity and SMEs.
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 implementation.
He also pointed to SME lending and loan guarantees through the Bank of Thailand’s credit guarantee mechanism as measures needed to increase liquidity in the financial system.