The Bank of Thailand (BoT) maintained a positive outlook for the Thai economy in 2023, highlighting increased tourism and domestic consumption as significant economic drivers following the Covid-19 pandemic.
BoT Assistant Governor Piti Disyatat stated that the Ministry of Finance and the central bank are gradually phasing out stimulus measures that play a crucial role in supporting the Thai economy during the pandemic. He stated that, despite various factors, the outlook for the economy remains optimistic, with domestic consumption and the tourist 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 will increase to 35 million in 2024.
The assistant governor stated that the agency is also monitoring the risk of inflation due to global trends, as well as food and service price increases due to 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 also affirms its readiness to work with the new government on post-Covid-19 fiscal and monetary policies in order for Thailand to achieve a full economic recovery. (NNT)