According to the latest release of “The Thailand Economic Monitor”, Thailand’s economy will recover to pre-pandemic levels in 2022. However, growth rates in 2023 are expected to slow down due to global headwinds.
Today’s Thailand Economic Monitor December 2022: Fiscal policy for a resilient and equitable future shows that Thailand has been resilient to recent global shocks. The resurgent private consumption, strong tourism inflows and government measures to reduce cost-of-living stress caused an acceleration in economic growth to 4.5 percent during the third quarter.
In September, tourism arrivals exceeded those in Indonesia and Philippines by 45 percent.
The Thai economy is expected to grow by 3.4 percent by 2022
The growth rate of the Thai economy is expected to increase by 3.4 percent and 3.6 percent respectively in 2022-2023. The growth projections for 2023 have been revised down by 0.7% compared with June projections. This is due to a faster than expected decline in global demand. Private consumption and the recovery of the tourism sector will continue to be major drivers for growth.