SCB Economic Intelligence Center (EIC), the research arm of Siam Commercial Bank, has upgraded its Thai economic growth forecast for 2023 to 3.9% from 3.4% because local and global economic trends are better than expected.
The growth of the Thai economy stems largely from the rapidly recovering tourism sector, with foreign arrivals projected to top 30 million this year and reach nearly 40 million — the level recorded in 2019 — late next year, said Somprawin Manprasert, chief economist at SCB EIC.
With China lifting its zero-Covid policy, visitors from that nation are expected to rebound to 4.8 million this year, with arrivals from other…
