Thai Economy Expected to Continue Growing in 2023, Boosted by Tourism and Domestic Consumption
The Bank of Thailand (BoT) has recently stated that the Thai economy is expected to grow in 2023, supported by increased tourism and domestic consumption. This is an encouraging development for the country, which has been significantly impacted by the Covid-19 pandemic.
BoT Assistant Governor Piti Disyatat explained that the Ministry of Finance and the central bank have gradually begun phasing out stimulus measures that were implemented to support the economy during the pandemic. Despite various challenges, the outlook for the economy remains optimistic, with domestic consumption and the tourism sector driving economic growth.
According to a BoT forecast, domestic products in 2023 will increase by 3.6%, while domestic consumption growth will be at 4%. Meanwhile, international arrivals are expected to reach 28 million visitors in 2023 and increase to 35 million in 2024.
The assistant governor also stated that the agency is keeping a close eye on the risk of inflation due to global trends, as well as food and service price increases resulting from improved domestic consumption and tourist arrivals. He expects headline inflation to average 2.9% for this year, while core inflation, which excludes food and energy prices, is forecast to be at 2.4% for 2023.
The central bank is also committed to collaborating with the new government on post-Covid-19 fiscal and monetary policies to ensure a full economic recovery for Thailand. This cooperation will help to continue the positive trend of economic growth.
The anticipated growth in the economy will have a significant impact on various sectors, especially those that have been most affected by the pandemic. An increase in domestic consumption and tourist arrivals will benefit many industries, including hospitality, travel, and retail. It will also provide opportunities for businesses to expand their operations and create more job opportunities for the country’s workforce.
Overall, the BoT’s positive outlook for the Thai economy in 2023 is a promising sign, and the gradual withdrawal of stimulus measures reflects the country’s steady recovery from the impact of the pandemic. As long as the country continues to prioritize public health and safety, this optimistic trend is likely to continue, providing hope for a brighter future.
 has recently stated that the Thai economy is expected to grow in 2023, supported by increased tourism and domestic consumption. This is an encouraging development for the country, which has been significantly impacted by the Covid-19 pandemic.){kind=link}