International Monetary Fund (IMF) Managing Director Kristalina Georgieva was recently in Thailand as a participant in APEC 2022. The IMF has disclosed its projection for Thailand’s economic growth in 2023, when Thailand’s GDP is expected to outperform global peers.
Prime Minister Gen. Prayut Chan-o-cha has been briefed on the IMF’s report on the forecast for Thailand’s GDP growth in 2023. The agency projects that Thai GDP will grow by 3.7% next year, which will be an improvement over this year’s 2.8% growth.
The IMF expects Thailand’s unemployment rate to be the lowest in the Asia-Pacific region, at 1.0%. Thailand is one of only few countries the IMF expects to experience economic expansion amid a global slowdown. Said economic slowdown has been attributed to inflationary challenges and heightened living costs.
The IMF’s projections illustrate the significance that clear government policies have on the Thai economy’s situation. The government has been able to manage the spread of COVID-19 and keep the situation under control. It also worked rapidly to revive the economy by preparing the tourism sector to be ready to accommodate tourists once the Covid situation improved. This effort initially took the form of the Phuket Sandbox program and gradually culminated in the full and careful reopening of the country to travelers. Measures to attract investors, experts, and high-potential individuals to Thailand have also been implemented.
The IMF forecasts the economies of most APEC members are slowing down. It also says 1 in 3 economies around the world is entering a recession. World GDP is expected to expand by 2.7% in 2023, compared to 3.2% this year. (NNT)