The World Bank maintained Thailand’s economic growth forecast in 2022 at 2.9%, which is the same level the bank expected in the previous review in April that cut Thailand’s growth from 3.6% at the time.
The growth in 2022 will be supported by private consumption and tourism recovery, according to the World Bank.
Given Thailand’s oil dependence and vulnerability to global supply chain disruptions, adopting a more circular economy approach could help promote growth that is more sustainable and more resilient to external shocks, the World Bank added.
Due to its reliance on tourism, Thailand has been on a slower side to recover from the pandemic, especially after China has yet to fully allow its people to travel abroad.
The World Bank expected tourist arrivals this year to recover to 6 million, up from 0.4 million in 2021. The number is expected to reach 24 million (approx. 60% of pre-Covid) in 2024.
With a recovery in tourism and its economy, the World Bank projected Thailand’s economic growth in 2023 at 4.3% and 3.9% in 2024.
