The Bank of Thailand (BOT) maintained its economic forecasts for the kingdom to grow 3.3% this year and 3.8% in 2023, supported by consumption and the return of tourists, according to deputy central bank governor Mr. Mathee Supapongse at a business seminar.
Forecasts by the deputy governor for 2022 were in line with the consensus from a Reuters poll, while a 3.8% growth forecast by the central bank was slightly shy of a consensus for a 4.0% growth.
Tourism is a key factor for Thailand’s economic recovery, which accounted for around 17% of GDP in 2019. The deputy governor said that the central bank expected 21 million tourists next year, which would be about half of pre-Covid level.
As Thai baht is hovering near THB38 per dollar, Mr. Supapongse stated that the weakening baht currency had not had a significant impact on the Thai economy, adding that the current account surplus would support the currency stability.
