Tourism, spending to drive economy
Thailand’s economic growth is projected at 3.3% this year and 3.7% in 2024 as a recovery in tourism and private consumption help offset a slowdown in exports, according to the Asian Development Bank (ADB).
The Asian Development Outlook April 2023 report indicated the easing of travel restrictions and reopening of borders would drive the economy to grow faster this year and next, from an expansion of 2.6% and 1.5% in 2022 and 2021, respectively.
Thailand and the Asia-Pacific region are set to benefit from the continued easing of pandemic restrictions that should boost consumption, tourism and investment, noted the report.
The Manila-based bank projects regional GDP to surge 4.8% this year and next year, improving from 4.2% reported in 2022.
“Prospects for economies in Asia and the Pacific are…
