World Bank forecasts Thai GDP growth at 3.1% this year
2022.09.26 23:24
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© Reuters. FILE PHOTO: A general view shows the night cityscape of Bangkok early July 20, 2009. Skyscrapers Abdulrahim Place (L) and U-Chu Liang Complex (C) are pictured in front of Lumphini Park. Picture taken July 20, 2009. REUTERS/Sim Wei Yang
BANGKOK (Reuters) -Thailand’s economy is expected to grow 3.1% this year, higher than a forecast in June of 2.9%, supported by private consumption and exports, the World Bank said on Tuesday.
However, the bank cut Thailand’s growth forecast in 2023 to 4.1%, from a previous outlook of 4.3%.
While an expected global economic slowdown next year will depress demand for exports, the easing of the COVID-19 pandemic would support a tourism recovery, the bank said in a report.
The Southeast Asian country expects eight million to 10 million foreign tourist arrivals this year, having received five million so far.
The tourism-reliant economy saw nearly 40 million visitors in 2019.
Thailand’s government expects the economy to grow by 3% to 3.5% this year.
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