Thailand has recorded a gradual economic recovery from the pandemic, with real GDP growth rising from 1.5% in 2021 to 2.6% in 2022.
The Finance Ministry predicts GDP growth of 2.7% in 2023, lower than its potential growth of 4-5%.
The low growth rate last year is attributed to declining exports, which contracted by 1.8%, as well as weaker foreign tourist arrivals than expected, at only 27.7 million.
To stimulate domestic spending and the fiscal multiplier effect, the Srettha Thavisin government proposed a digital wallet scheme that is estimated to cost the government 500 billion baht. The scheme hands out 10,000 baht to all Thais aged 16 and older who earn less than 70,000 baht per month and have less than 500,000…
