World Bank Raises Thai GDP Growth to 3.1% This Year But Cuts 2023 Forecast

On Tuesday, the World Bank revised upward its growth forecast for Thailand to 3.1% this year, citing the positive effects of private consumption and exports.

In June, the bank projected a 2.9% rise in the Thai GDP.

The bank, however, lowered its growth projection for Thailand’s economy from 4.3% for 2023 to 4.1%.

While a worldwide economic slowdown is projected next year, the bank suggested in a report that the easing of the Covid-19 pandemic would boost a tourism comeback.

Thailand anticipates 8 – 10 million foreign visitors this year. So far, the country has welcomed five million. In 2019, the tourism-dependent economy welcomed approximately 40 million tourists.