Kristalina Georgieva, managing director of the International Monetary Fund (IMF), was recently in Thailand for the Asia-Pacific Economic Cooperation (APEC) 2022 summit. The IMF has released its forecast for economic growth in Thailand in 2023, predicting that Thailand’s GDP will surpass global peers.
General Prayut Chan-o-cha, Thailand’s Prime Minister, has been informed on the IMF study projecting GDP growth for the country in 2023. The agency expects GDP growth in Thailand to increase to 3.7% in 2019 from 2.8% this year.
At 1.0%, Thailand’s unemployment rate is projected to be the lowest in all of Asia and the Pacific. Despite the global economic slump, the IMF sees Thailand as one of the few nations that would see growth. Increases in inflation and general cost of living are blamed for the economic downturn.
The estimates made by the IMF show how important transparent government actions are for the Thai economy. The government has been successful in controlling the spread of COVID-19. Rapid action was also taken to help the economy recover, with the tourism industry becoming ready to welcome visitors once the COVID situation had stabilized. The Phuket Sandbox program was implemented as part of this initiative, and the nation was slowly and cautiously reopened to tourists. Actions have also been taken to make Thailand more appealing to businesspeople, specialists, and other people of high potential.
It has been predicted by the International Monetary Fund that the economies of most APEC countries would slow down in the next years. Furthermore, it claims that one-third of the world’s economies are currently experiencing a recession. GDP growth is forecast to slow to 2.7% worldwide in 2023 from 3.2% this year.
, was recently in Thailand for the Asia-Pacific Economic Cooperation (APEC) 2022 summit. The IMF has released its forecast for economic growth in Thailand in 2023, predicting that Thailand's GDP will surpass global peers.){kind=link}