The Thailand Economic Monitor of world Bank by June 2023 has indicated that an acceleration of the Thai economic recovery is expected. The bank’s forecast for Thai GDP growth in 2023 has also been revised up to 3.9% due to stronger-than-expected external demand.
Government spokesman Anucha Burapachaisri has made it known that in recognition of this fact, Prime Minister General Prayut Chan-o-cha has expressed his gratitude to all relevant parties working to ensure the economic recovery of the nation. He added that the prime minister was confident in his administration’s stimulus policies, based on continuous assessments of economic conditions. The policies were intended to help strengthen the Thai economy, and revised World Bank projections reflected the results.
Thailand PM Expresses Confidence as World Bank Raises Economic Outlook
The World Bank noted that Thailand’s economic growth picked up to 4.5% in the first quarter of 2023, thanks to strong domestic demand and revenue from tourism. According to the World Bank report, the current account balance is expected to reverse the deficit of the last two years and return to positive in 2023, with 2.5% of GDP, due to the improvement in trade in goods and services .
On the other hand, labor market conditions are improving as the recovery of the sectors related to tourism, commerce and hospitality continues. The report also indicated that the unemployment rate stood at 1.1%, below the 1.5% of the same quarter of the previous year.
The World Bank noted that Thailand’s economic growth picked up to 4.5% in the first quarter of 2023,
According to the Ministry of Tourism and Sports, more than 12.4 million foreign visitors have visited Thailand since the beginning of the year, generating some 500 billion baht in revenue for the kingdom.
Spokesman Anucha said the World Bank report forecast the Thai economy to grow 3.6% and 3.4% in 2024 and 2025 respectively. However, he warned of the risks that must be avoided, such as weaker-than-expected global economic growth and other challenges such as climate change. He also mentioned that Thailand frequently suffers from droughts and floods, although he acknowledged that progress has been made to better deal with these problems.
