Thailand’s Joint Business Group Keeps 2023 Growth Forecast at 3.0-3.5%

Thailand’s joint business group kept its growth forecast for 2023 at 3.0-3.5% on Wednesday, despite continued recovery in the tourism industry. Thailand expects to receive 20-25 million international visitors this year, primarily from China, following the reopening of its borders.

Thailand recorded 11.1 million inbound travelers in 2022, exceeding estimates.

The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) stated that, although the economic outlook has yet to be revised, it anticipates that the recovery would continue into the second quarter, mostly due to the return of Chinese tourists.

In light of the slowdown in global demand and the effects of central bank rate hikes, the business group anticipated a decline in exports.