World Bank forecasts Thai GDP growth at 3.1% this year

THAILAND’S economy is expected to grow 3.1 per cent this year, higher than a forecast in June of 2.9 per cent, supported by private consumption and exports, the World Bank said on Tuesday.

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

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 South-east Asian country 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.

Thailand’s government expects the economy to grow by 3 per cent to 3.5 per cent this year. REUTERS