World Bank forecasts Thai GDP growth at 3.1% this year

World Bank forecasts Thai GDP growth at 3.1% this year

Thailand's economy is expected to grow 3.1% this year, higher than a forecast in June of 2.9%, supported by private consumption and exports, the World Bank said on Tuesday.

However, the bank cut the country’s growth forecast in 2023 to 4.1%, from a previous outlook of 4.3%.

While an expected global economic slowdown next year will depress demand for exports, the easing of the Covid-19 pandemic would support a tourism recovery, the bank said in a report.

The kingdom expects eight million to 10 million foreign tourist arrivals this year, having received five million so far.

The tourism-reliant economy saw nearly 40 million visitors in 2019.

The government expects the economy to grow by 3% to 3.5% this year. 

Do you like the content of this article?
COMMENT (3)

SRT's dining carriages back in service

Dining carriages on trains out of service since April 2020 due to the outbreak of Covid-19 will begin operating once again from Dec 6, according to the State Railway of Thailand (SRT) public relations office.

15:31

More people flee after eruption of Indonesia's Mount Semeru

Rescuers evacuated more people Monday from nearby villages after the eruption of Indonesia's Mount Semeru, with officials warning of danger from cooling lava despite less activity from the volcano.

15:06

Ex-Wirecard CEO goes on trial over 'unparalleled' fraud

FRANKFURT, Germany: Ex-Wirecard CEO Markus Braun goes on trial in Munich this week for his role in the collapse of the once-celebrated payments firm, brought down by the biggest accounting fraud scandal in German corporate history.

14:45