The National Economics and Social Development Council of Thailand reports that GDP grew by 4.5% in the third quarter of 2022, bringing annual growth projections to 3.2%. (NESDC). The organization estimates that the tourist industry would bring in 570 billion baht in 2022.
Since Q4 2021, when growth was registered at 1.8%, Thailand’s economic performance has demonstrated growth in each successive quarter.
Even while exports of products and government investments slowed in Q3, the NESDC claimed that private consumption and investments, as well as growth in exported services, were major drivers for the quarter.
The tourism industry, according to NESDC Secretary-General Danucha Pichayanan, has been instrumental in the economic recovery, and the number of tourists is predicted to increase by 50 percent this year.
In addition, he stated that the 3.2% GDP growth and 6.3% inflation forecast for Thailand this year were revised upwards. The NESDC has revised its growth forecast for 2023 to 3.5 percent, with inflation between 2.5 and 3.5 percent.
Since the country’s foreign exchange reserves are already rather large at over 200 billion baht, Danucha continued, the government won’t need to implement any further significant economic measures this year.
To stimulate public expenditure and aid in lowering cost of living, he suggested the government provide smaller, focused initiatives. The NESDC is thinking about submitting a proposal to the Cabinet for such a change.
The secretary-general of the NESDC warned that growing interest rates and consumer and company debt will pose serious problems for the Thai economy in the coming year. While some sectors have seen a rapid employment rebound, others have been slower to bounce back, and ongoing pandemic uncertainty will remain a hurdle.
With the anticipation that China would loosen its foreign travel restrictions in the second half of 2023, the council now forecasts that Thailand will produce around 1.2 trillion baht from 23.5 million international tourists next year.
. The organization estimates that the tourist industry would bring in 570 billion baht in 2022.){kind=link}