Despite a decline in exports due to the weakening economies of Thailand’s trading partners, the country’s central bank anticipates a continuation of the recovery in December 2022 thanks to improved tourism and domestic consumption.
A recent report from the Bank of Thailand (BOT) predicted that the country’s economy would see steady growth as tourism recovered. The BOT also stated that it will keep an eye on factors like the global economy, inflation rates and China’s openings. The latter is particularly promising for the country’s tourism industry.
The central bank revised its forecast for international visitors from 22 million in 2022 to 25.5 million in 2023 and 34 million in 2024 last week. Prior to the virus outbreak, Thailand had already set a new record of approximately 40 million arrivals in 2019, which about a quarter were from China.