The World Bank maintained its outlook for Thailand’s economic growth in 2023 at 3.6%, representing a 100 basis points growth from 2022, boosted by stronger private consumption, a recovery in tourism and strong pent-up demand following the reopening in China.
The World Bank revised down Thailand’s economic growth to 3.6% in December from a 4.1% growth predicted in September last year.
Meanwhile, the economy for the kingdom is expected to grow 3.7% in 2024.
According to the World Bank’s expectations, foreign tourist arrivals to Thailand are expected to rise to 27 million this year and will surpass the pre-pandemic level by 2024.
Meanwhile, the Bank of Thailand projected earlier this week that the economic growth to be 3.6 and 3.8% in 2023 and 2024, respectively. A key impetus is the broad-based recovery in tourism, which should promote employment and labor income, in turn sustaining private consumption. Meanwhile, merchandise exports show signs of rebounding after contracting at the end of last year, and should gather momentum in the second half of this year. However, persistently high inflation and banking stresses in some advanced economies pose risks to the global economic outlook.
Thailand received 6.15 million international tourists from January to March 27, 2023, exceeding the government’s target of 6 million, according to government spokesperson Traisuree Taisaranakul on Wednesday.
The government set a goal of 6 million foreign arrivals in the first three months ending March of this year.
