The Thai economy will continue to recover from last year, but is yet to reach its pre-Covid level. In 2022, economic growth is expected to be 3.0-3.5%, against 0.8% last year and -6.1% in 2020.
This growth rate, however, still does not put the Thai economy back to its value in 2019. The value of the Thai economy or its gross domestic product (GDP) is forecast to reach its 2019 level in 2023.
Economic growth this year will be led by the recovery of business activities and purchasing power, provided there are no extended lockdowns from the pandemic. Consumption spending is expected to grow more than last year. Due to the gradual recovery and uncertainty related to future income as the pandemic persists throughout 2022, the value of spending will not return to its pre-Covid level until next year.
Exports were the main driver of Thailand’s growth last year
Exports to major markets, namely…
