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International Monetary Fund (IMF) and the Bank of Thailand forecast that the Thai economy will continue to recover from tourism activities and the increase of private consumption.
Anucha Burapachaisri, Deputy Secretary-General on political affairs to the Prime Minister, told the Associated Press on Monday, October 17th, that the IMF report in September revealed that Thailand’s Gross Domestic Product (GDP) in 2022 will grow to about 2.8 percent while the Thai economy in general was predicted to expand by about 4 percent in 2023.
The IMF report indicates that the country has significantly recovered from the falling of 6.2 percent in 2020 because it has spontaneous response in terms of policy implementation and the recovery of the export sectors. The report also emphasizes how the Thai economic growth depends mainly on the return of foreign tourists after the pandemic.
Additionally, the Bank of Thailand forecasts that the Thai economy is likely to expand continually at 3.3 percent and 3.8 percent in 2022 and 2023, respectively, in line with the momentum of the tourism sector and private consumption. Although the global economy has slowed down which may affect the export sector, it does not affect the overall economic recovery in general for Thailand.
The Bank of Thailand also introduces factors that will stimulate the sustainable growth of the Thai economy which includes: 1. Household debt. It must be reduced to a sustainable level; 2. Environmental sustainability. The financial sector should promote the economy’s transition towards sustainability; 3. Digital financial infrastructure. It must adopt the digital payment infrastructure into the business
“Prime Minister Prayut Chan-O’Cha has also instructed all relevant agencies to prepare and implement the policy to maintain the sustainable growth of the overall economy as well as set other financial measures to cover all groups of customers,” Anucha added.
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