Thai Economy to Accelerate in 2023 on the back of tourists return

Thailand’s economy is expected to grow by 3.9% in 2023 due to strong demand from China, Europe, and the United States, as well as a recovery in tourism, according to a World Bank report.

However, exports have contracted for the eighth consecutive month due to global demand slowing.

Key Takeaways

• Thailand’s economy is projected to accelerate in the coming years due to strong demand from China, Europe, and the United States, as well as recovery in tourism and private consumption growth.
• Risks to Thailand’s economic growth include weaker global growth, political uncertainty, an aging population, climate pressures, declining export competitiveness, and high household debt.
• Thailand needs to prioritize climate change adaptation and water management to better cope with the frequent floods and droughts it faces, which pose significant risks to lives, livelihoods, and the economy.

Tourism…