Thailand’s GDP to grow 3.6% next year (OECD)

Thailand’s GDP is predicted to grow by 3.6% next year, driven by strong private consumption and a recovering labor market, according to the OECD.

Key Takeaways

• Thailand’s GDP is projected to grow by 3.6% in 2023 due to strong private consumption and a recovering labor market, supported by rising tourist arrivals.
• The OECD praises Thailand’s prompt policy response to the COVID-19 pandemic for cushioning the negative economic impacts, but highlights the need for bold reforms to ensure a solid and inclusive recovery.
• Thailand’s immediate challenges include phasing out pandemic support measures amidst high inflation and addressing the risks associated with its dependence on trade and investment flows, as well as global energy price fluctuations.

The second OECD Economic Survey of Thailand says that strong fiscal support has helped to avoid a sharp economic…