A Thai bank’s research department said the worst is over for Thailand’s economy, but recovery will be slow in 2022.
Amornthep Chawla, assistant managing director for CIMB Research, said Nov. 22 that the economy already had bottomed out and was trending upward, fueled in part by the country’s partial reopening.
He predicted there will not be any recessionary quarters going forward, although Thailand’s growth remains the lowest in Southeast Asia.
But too much of Thailand’s economy relies on tourism and, because not many tourists will return this year, recovery will be slow. Real signs of progress won’t be evident until he second quarter of 2022, Amornthep said.
So far Pattaya businesses are very doubtful of what the financial experts say, seeing that the most of the city is still closed, businesses that could bring income are not allowed to fully operate and nightlife is still shut. “Let us operate as we should, only then will we believe that the economy is trending upward” said one business owner.