The World Bank said on Friday (Mar 31) that Thailand’s economy is expected to grow by 3.6% this year, up from 2.6% last year, supported by stronger private consumption, a recovery in the tourism sector and strong pent-up demand following China’s reopening.
The 2023 outlook was unchanged from a forecast in December, and compared with 4.1% growth predicted in September.
The World Bank said in a report that foreign tourist arrivals to Thailand are expected to rise to 27 million this year and “surpass the pre-pandemic level by 2024”.
Southeast Asia’s second largest economy received 11.15 million foreign tourists last year, compared with nearly 40 million in pre-pandemic 2019.
The World Bank added that while investment would continue to expand, goods exports in dollar terms were expected to contract by 1.8% this year due to the global slowdown. (NNT)
