Economy can withstand global risks, says finance minister

World Bank expects Thai GDP to grow 3.4% in 2022 and 3.6% in 2023

Tourists take photos at the Temple of the Reclining Buddha, commonly known as Wat Pho, in Bangkok on Monday. (Photo: Chanat Katanyu)

The Thai economy is still on the recovery path and should grow 3.4% in 2022 and 3.8% next year, supported by a rebound in the vital tourism sector, Finance Minister Arkhom Termpittayapaisith said on Wednesday.

Southeast Asia’s second-largest economy can weather global uncertainties, while average inflation should come in at 6% this year, Mr Arkhom said at a World Bank event.

– World Bank sees higher 2022 growth, cuts 2023 outlook –

The World Bank said on Wednesday that Thailand’s economy is expected to recover to its pre-pandemic level this year, but the pace of growth will be slower-than-expected next year due to global obstacles, the World Bank said on Wednesday.

The bank expects the country to grow 3.4% in 2022 and 3.6% in 2023, compared with September forecasts of 3.1% and 4.1%, respectively.

The reduced 2023 growth outlook reflected a faster-than-expected decline in global demand, while a tourism sector recovery and private consumption would remain the major drivers of growth, the bank said in a statement.

Thailand received 10 million foreign tourist arrivals as of last week in 2022 and…

Read more…