Thai economy boost: Bank forecasts GDP growth, increased tourism

Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors.

In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in the Thai economy, albeit with some inflationary risks. According to the MPC, the driving forces behind this economic expansion are tourism and private consumption, along with a predicted recovery of goods exports by the latter half of 2023.

The committee identified China’s economic and policy developments as crucial factors affecting export and tourism growth in the Thai economy.

“Upside factors for growth include foreign tourist arrivals and the new…