The Bank of Thailand cited tourism and domestic consumption as key economic growth drivers for this year, predicting that the second half of 2023 will recover better than the first six months, but expressing concern over high household debts.
BOT Governor Sethaput Suthiwartnarueput stated on Monday that growth in gross domestic product for the country would come in at 2.9% in the first half of 2023 and 4.3% in the second half.
Tourism and domestic consumption were highlighted by the central bank as the primary growth catalysts for this year, while household debt levels were outlined as a major concern.
Meanwhile, it is anticipated that exports would contract by 7.1% in the first six months before regaining a little momentum in the second half, growing by 4.2%.
