The Joint Standing Committee on Commerce, Industry and Banking, or JSCCIB, has approved support for the 14th National Economic and Social Development Plan, which targets Thai economic growth of no less than 3% per year and expansion of 5.5% in GDP for target industries, in line with the seven business groups under Reinvent Thailand and recommendations from the World Bank. The JSCCIB is ready to help drive the plan through the Provincial Joint Public-Private Consultative Committee mechanism in three phases: Stabilize Today, to address urgent problems and unlock obstacles; Transition Now, to accelerate adaptation to new technologies and standards; and Invest for Tomorrow, to invest in future industries, skills, and infrastructure. On the oil price situation, Poj Aramwattananont, chairman of the Thai Chamber of Commerce and chairman of the JSCCIB meeting, said Brent crude rose from 95 dollars per barrel in September to 102 dollars per barrel, while the yield on 30-year US government bonds reached 5%, the highest in 20 years, pushing up private-sector borrowing costs and leaving the baht at risk of weakening. For Thai economic projections, this month's JSCCIB meeting kept them unchanged from September, expecting GDP to grow 2.1-2.5% this year, exports to expand 12-16%, and inflation at 2.5-3.0%. The meeting also agreed that the government should speed up solving problems with air cargo transport at Suvarnabhumi Airport, which handles goods worth about 2.42 trillion baht, or roughly one-third of total export value, but still suffers from congestion, while flooding has caused flight delays and cancellations and left large numbers of passengers and baggage stranded.
Article states the 30-year US government bond yield reached 5%, the highest in 20 years, pushing up private-sector borrowing costs.
