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Friday, March 29, 2024

Tourism surge offsets export setback

After fourth-quarter disappointment, economy appears poised for quick recovery

Tourists wait to check in for flights at Suvarnabhumi airport. (Photo: Reuters)

The Thai economy is set to bounce back from a surprising contraction in the fourth quarter of 2022 as foreign tourist arrivals are likely to surprise on the upside and counter headwinds to merchandise exports from a global slowdown, say leading economists.

Southeast Asia’s second-largest economy will expand by 4% this year even after the “sharp and surprise sequential contraction” in the fourth quarter, according to Nomura Holdings. Standard Chartered Banks sees gross domestic product (GDP) expansion of 4.5% this year, and DBS Bank…

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