The World Bank predicted on Friday (March 31) that the economy of Thailand will expand by 3.6% this year, which is an increase from last year’s growth rate of 2.6%. This year’s growth is expected to be supported by higher private consumption, a recovery in the tourism sector, and strong pent-up demand as a result of China’s reopening.
The prediction for the year 2023 did not alter from what was provided in December, although it was lower than the 4.1% increase that was anticipated in September.
According to a survey published by the World Bank, the number of international visitors to Thailand is forecast to reach 27 million in the current year and “surpass the pre-pandemic level by 2024.”
The second largest economy in Southeast Asia welcomed 11.15 million tourists from outside the region in 2018, compared to the over 40 million who were expected to visit before the outbreak.
In addition, the World Bank stated that although investment would continue to increase, it was anticipated that dollar-based goods exports would decrease by 1.8% this year as a result of the downturn in the global economy.