EXIM BANK reports that the Thai economy in 2024 is displaying signs of recovery. For the first time in six years, major economic engines—such as consumption, investment from both public and private sectors, tourism, and exports—are expanding simultaneously. Notably, exports have the potential to grow for the first time in two years.
In 2024, the Thai economy is projected to grow at a rate of 2-3%. This growth is driven by increased consumption, investments from both public and private sectors, a rebound in tourism, and the recovery of exports. Notably, sectors such as food and beverage products, household appliances, gadgets, and high-value eco-friendly goods are expected to experience growth. As part of its role as the Green Development Bank, EXIM BANK introduces financial innovations (referred to as ‘Greenovation’) to support producers and buyers involved in eco-friendly exports. They achieve this by offering special interest rate loans to entrepreneurs throughout the supply chain.
This initiative aims to elevate Thailand’s green exports and develop ‘Greenovation.’ It involves enhancing Thai export products to become environmentally friendly by sourcing sustainable raw materials, adopting low-pollution production processes, utilizing biodegradable packaging, employing clean energy transportation, supporting cleaner production practices, and promoting the use of renewable energy. Additionally, the initiative assists suppliers in adopting environmentally friendly business practices.
EXIM BANK is committed to "Go the Extra Mile," promoting its role as a Green Development Bank by fostering Greenovation. This initiative supports Thai entrepreneurs of all business sizes within the Green Export Supply Chain to receive special interest rates based on large enterprises, advancing Thai green products to the global market. It also aims to boost the Thai export sector's growth for the first time in two years, create a low-carbon society, and address global environmental issues.
The bank supports the government's policy to reduce the Prime Rate by 0.40% per year since the beginning of the year, bringing it down to 6.35% per year, the lowest rate for prime retail customers in the banking system. This reduction helps alleviate the burden on entrepreneurs, especially SMEs, and continually develops Greenovation to drive sustainable development at the community, national, and global levels.
For more information: Government Public Relations Department, Office of the Prime Minister
Link: www.thaigov.go.th
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