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3 Nov 2022

Econ Digest

Mega projects boost the value of public construction to grow in 2023


        Investment in public infrastructure construction is one of the important engines that help enhance the development and drive the country’s economic growth. After the disruptions and delays during the COVID-19 outbreak, the value of public construction investment for the remainder of 2022 through 2023 will expand over the same period last year. KResearh projects that public construction value will reach THB840-850 billion in 2023, or an increase of 2.5-3.5% from a low base in 2022 that is expected to grow by 1.7%. The main driving force in 2023 will continue to be large government infrastructure investment projects (mega projects), divided into ongoing construction projects that are expected to account for approximately 65% of total investment, while the remaining 35% will be new projects starting in 2023; most of which will be construction area preparation, land expropriation and pre-construction works.

        Important government infrastructure projects in 2023 will be projects in the Eastern Economic Corridor (EEC), especially the U-Tapao Airport project, Map Ta Phut Port Phase 3 and Laem Chabang Port Phase 3. In addition, projects that are expected to continue in 2023 are the first phase of the Thai-Chinese high-speed train project and the MRT Purple Line Project that started  construction in the second half of 2022. Although public construction investment will create business opportunities for related industries, the challenges faced by various business operators, especially construction contractors, remains to effectively manage costs due to thehigh cost of construction materials, increased labor costs from the minimum wage hike and rising financial costs from the tightening monetary policy of the Monetary Policy Committee (MPC); as well as immediate risk management planning, especially flooding events that may cause damage to construction areas or delay the construction.

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Econ Digest