Thai Economy Forecast to Grow 3.3-3.7% This Year

[webfact]

 

by Paul Rujopakarn
    
BANGKOK (NNT) - The Thai economy is expected to grow by 3.3% in 2023, according to the Asian Development Bank (ADB), while the Japan Center for Economic Research (JCER) and the Nikkei newspaper predict a growth rate of 3.7%.

 

According to Government Spokesperson Anucha Burapachaisri), the ADB attributes the growth to recovery of the tourism sector and private sector consumption. It forecasts a drop in headline inflation to 2.9% in 2023 from 6.1% in 2022, with inflation at 2.3% in 2024.

 

The JCER and Nikkei further attribute Thailand’s projected growth to ongoing recovery of the tourism sector and predict 3.7% growth in both 2023 and 2024.

 

Thai Prime Minister Gen Prayut Chan-o-cha expressed confidence in the economy’s continual recovery, in response to favorable evaluations from several foreign economics-related organizations.

 

Spokesperson Anucha added that the assessments indicate Thailand’s economy will continue its recovery from 2023 to 2024, which will positively influence foreign investors’ confidence in the country.

 

The prime minister views these assessments as reflecting the robustness and stability of the Thai economy.

Information and Source

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG230417112911766

 

-- © Copyright NNT 2023-04-17

 

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[dinsdale]

I might be wrong but I think I remember from not to long ago that exports were forecast to decrease (further) and imports were forcast to decrease but apart from that tourism increases are based on only a few countries, inflation is ticking along nicely and people simply don't have the spending power. Estimated Songkran spending this year of 18.5 billion baht which is down 117.5 billion baht from pre-covid 2019 would tend to suggest this. I'm not an economist but I'm not sure I would describe this as a robust and stable economy. 

Edited April 17, 2023 by dinsdale