Fitch Ratings: Thailand’s tourism recovery slow, GDP will improve in 2023

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Thanakorn said Gen. Prayut was pleased with the assessment, which reflected the foreign private sector’s view of the Thai government and Thailand’s economic policy undertakings.

Prime Minister Prayuth Chan-ocha is pleased with Fitch Ratings’s assessment of Thailand’s economic recovery prospects in 2022 when traction in recovery is expected to increase.

The Prime Minister’s Office spokesperson Thanakorn Wangboonkongchana spoke of a recent non-rating action commentary on the Thai economy released by credit rating company Fitch Ratings (Thailand). The commentary, titled “Thailand’s Recovery to Gain Traction in 2022; Banks, Retail and Hospitality Still Challenged,” explains that Thailand’s economic recovery in 2022 will be supported by improved COVID-19 vaccination coverage, the reopening of businesses, and a positive global growth environment.



Fitch Ratings noted that a recovery in tourism activity is expected to be gradual, while it foresees GDP returning to pre-pandemic levels in early 2023. It also pointed out that ratings of most major corporations in Thailand have stabilized but sectors such as hospitality, retail, and banking remained under earnings pressure.


Thanakorn said Prime Minister Gen. Prayut Chan-o-cha was pleased with the assessment, which reflected the foreign private sector’s view of the Thai government and Thailand’s economic policy undertakings. He said the prime minister was reiterating that the government would build on policies that benefit economic recovery and those that correspond to international cooperation frameworks. The government would also foster progress in public health to ensure adequacy for both present and future health-related situations.

The spokesperson added that the government would simultaneously take into consideration economic recovery and public health measures, both in the short and long terms. (NNT)

Fitch Ratings noted that a recovery in tourism activity is expected to be gradual, while it foresees GDP returning to pre-pandemic levels in early 2023.