Thailand’s economy recovering after recession
2022.12.22 07:48
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Thailand’s economy recovering after recession
Budrigannews.com – The commerce university said on Thursday that as the economy continues to recover from the effects of the pandemic, consumer spending in Thailand could reach a three-year high of 103 billion baht ($2.97 billion) during the New Year.
At a briefing on a consumer survey, Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce, stated that this would be a record 20% increase from approximately 86 billion baht spent during the previous New Year period.
He stated, “It’ll be an active New Year,” and added that the economy would resume normal operations in 2023.
The second-largest economy in Southeast Asia is expected to grow by 3.2% this year and 3.7% in 2023, thanks to increased private consumption and tourism.
More G7 economies in lead except UK
Consumer confidence has been bolstered by the revival of the vital tourism industry. In November, consumer confidence reached a 20-month high, and industrial sentiment also reached a 41-month high.
