The Thai economy is likely to expand by 3.2% this year and up to 4.0% next year, driven by a revival in tourism, according to the National Economic and Social Development Council (NESDC) on Monday.
NESDA Secretary-General Danucha Pichayanan said that the Thai economy this year is forecast to grow 3.2%, compared to a 1.5% growth in 2021, mainly supported by tourism industry and private and state investment, which will also help Thailand’s economy to accelerate further in 2023.
Thailand’s economy grew 4.5% in the third quarter of 2022, in line with expectations of recovery in the tourism sector that accounted for around 18% of the country’s gross domestic production.
Meanwhile, headline inflation is expected to stay at 6.3% this year before falling to 2.5-3.5% in 2023.
In 2022, exports and imports are estimated to climb 7.5% and 17.8%, respectively, resulting in a trade surplus of US$19.1 billion.
Revenue from tourism this year is likely to be at THB570 billion from 10.2 million foreign visitors.