World Bank cites stronger private consumption, tourism recovery
Thailand’s economy is estimated to expand by 3.6% this year, up from 2.6% last year, supported by stronger private consumption, a recovery in the tourism sector and pent-up demand following China’s reopening, according to the World Bank.
The 2023 outlook was unchanged from its forecast in December. The World Bank projects Thai economic growth of 3.7% in 2024.
Tourist arrivals are predicted to increase to 27 million in 2023, reaching 68% of the pre-pandemic level.
Arrivals are expected to surpass the record set in 2019 next year, according to the World Bank’s East Asia and Pacific April 2023 Economic Update.
However, goods exports are expected to contract by 1.8% in US dollar terms this…
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