Thai economy forecast to grow 3.3-3.7% this year

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Anucha said the ADB attributes the growth to recovery of the tourism sector and private sector consumption. It forecasts a drop in headline inflation to 2.9% in 2023 from 6.1% in 2022, with inflation at 2.3% in 2024.

The Thai economy is expected to grow by 3.3% in 2023, according to the Asian Development Bank (ADB), while the Japan Center for Economic Research (JCER) and the Nikkei newspaper predict a growth rate of 3.7%.

According to Government Spokesperson Anucha Burapachaisri, the ADB attributes the growth to recovery of the tourism sector and private sector consumption. It forecasts a drop in headline inflation to 2.9% in 2023 from 6.1% in 2022, with inflation at 2.3% in 2024.



The JCER and Nikkei further attribute Thailand’s projected growth to ongoing recovery of the tourism sector and predict 3.7% growth in both 2023 and 2024.

Thai Prime Minister Gen Prayut Chan-o-cha expressed confidence in the economy’s continual recovery, in response to favorable evaluations from several foreign economics-related organizations.



Spokesperson Anucha added that the assessments indicate Thailand’s economy will continue its recovery from 2023 to 2024, which will positively influence foreign investors’ confidence in the country.
The prime minister views these assessments as reflecting the robustness and stability of the Thai economy. (NNT)