Thailand’s economy is expected to grow 2.9 percent year on year in 2022, driven by private consumption and tourism recovery, according to a World Bank report released on Wednesday.
According to the Thailand Economic Monitor report, the Southeast Asia’s second-largest economy is likely to gain momentum in the second half of the year and reach pre-pandemic levels in the fourth quarter of 2022, as COVID-19 cases decline and border restrictions relax.
Thailand’s economic growth is expected to accelerate to 4.3 percent in 2023, according to the Washington-based bank.
It predicted that headline inflation in Thailand would rise 5.2 percent year on year in 2022, while core inflation, which excludes food and energy prices, would rise 2.3 percent.
Consumer inflation in the country rose 7.1 percent year on year in May, the highest level since July 2008, due to rising energy and food prices.
The bank also predicted that tourist arrivals in Thailand would rise to 6 million this year, up from around 400,000 in 2021, and reach 24 million by 2024.
