Thai economy boost: Bank forecasts GDP growth, increased tourism

[webfact]

 

Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors.

 

In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in the Thai economy, albeit with some inflationary risks. According to the MPC, the driving forces behind this economic expansion are tourism and private consumption, along with a predicted recovery of goods exports by the latter half of 2023.

 

The committee identified China’s economic and policy developments as crucial factors affecting export and tourism growth in the Thai economy.

“Upside factors for growth include foreign tourist arrivals and the new government’s fiscal and economic policies, which could lead to stronger than expected domestic demand, especially in 2024,” the central bank stated.

GDP growth projections for 2023 and 2024 are 3.6% and 3.8%, respectively, Bangkok Post reported. The bank also anticipates a continued recovery of the Thai economy, with the tourism sector witnessing increased foreign arrivals across the board. Their prediction now stands at 29 million tourists in 2023 and 35.5 million in 2024, which is an upgrade from their March outlook of 28 million and 35 million, respectively.

 

Furthermore, the Bank of Thailand expects private consumption to gather momentum, driven by improvements in overall employment and labour income. This is particularly true for the services sector, and for the self-employed individuals who are directly benefiting from the recovering tourism industry.

 

by Alex Morgan

Top Photo Courtesy of Freepik

 

Full story: https://thethaiger.com/hot-news/economy/bank-of-thailand-forecasts-gdp-growth-upscaled-tourist-arrivals-2

 

-- © Copyright Thaiger 2023-06-16

 

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[Gottfrid]

Tried to boost the positive economy for 2 days in a row now. Still it looks like the baht stands still. Bad Luck, I guess!

Back to the drawing board and make up more believable lies.

Edited June 16, 2023 by Gottfrid

[malibukid]

not so fast.  jury still out on the recent election

[ikke1959]

Only valid as the MFP will start to govern.. If not there will be problems so that tourists and businesses will choose other countries

[BenStark]

7 hours ago, webfact said:

This is attributed to the economic strategies implemented by the new government

Which new government?

 

Thailand gonna have a new government? Hooray, but from what I read in the press, I get the impression that it will be the same old.

[jacko45k]

So export more food products and import more tourists......sounds like a self limiting heading