Thai economy maintains growth amid global headwinds

Thailand’s economy is projected to recover to its pre-pandemic level in 2022, but the pace of growth will be slower than expected in 2023 owing to global headwinds, according to the World Bank.
Thai economy maintains growth amid global headwinds ảnh 1Tourists are seen riding an elephant in front of an old Buddhist temple in Ayutthaya city, Thailand.(Photo: AFP)
Bangkok (VNA) - Thailand’s economy is projected to recover to itspre-pandemic level in 2022, but the pace of growth will be slower than expectedin 2023 owing to global headwinds, according to the World Bank (WB).

In its ‘Thailand Economic Monitor for December 2022: FiscalPolicy for a Resilient and Equitable Future’ report, released on December 14,the bank forecast the economy to grow by 3.4% in 2022 and 3.6% next year.

The growth in 2023 has been revised down by 0.7 percentage pointcompared to June projections reflecting faster-than-expected decline in globaldemand. The tourism sector's recovery and private consumption will remain the majordrivers of growth.

The report also finds that the Thai economy has shownresilience to recent global shocks. Economic growth accelerated to 4.5% in thethird quarter fueled by resurgent private consumption and strong tourisminflows following economic reopening in May and the authorities’ measures tomitigate cost-of-living pressures.

According to the report, Thailand’s fiscal response toCOVID-19 significantly mitigated the impact of the crisis on household welfare.Poverty is, however, projected to rise to 6.6% in 2022 from 6.3% in 2021 as theCOVID-19 relief measures start to be phased out amid elevated inflation.

The report recommends improving jobs and earningsopportunities among low-income groups, while creating fiscal space to achieveadequate spending on social assistance for the most vulnerable groups, includingelderly, disabled and extreme poor people. Financing the necessary publicinvestments in physical and digital infrastructure and human capital to promotegrowth and human development in the longer term will also be critical forachieving sustainable poverty reduction./.
VNA

See more

Secretary-General of the Association of Southeast Asian Nations (ASEAN) Dr Kao Kim Hourn (R) (Photo: asean.org)

ASEAN chief confident in Malaysia’s chairmanship

Malaysia's priorities for its 2025 chairmanship include strengthening ASEAN centrality, fostering trust through dialogue, diplomacy, and goodwill, and expanding economic partnerships beyond ASEAN borders.

Malaysia’s foreign direct investment is expected to remain robust in the long term. (Photo: thestar.com.my)

Malaysia expected to remain magnet for FDI

A confluence of factors, including its significance in the global tech supply chain, friendly FDI policies, existing industry clusters, a skilled labour force and extensive free trade agreements (FTAs), makes Malaysia an outperformer in the region

The website of the Anti-Fake News Centre has had nearly 28 million views. (Bangkok Post File Photo)

Thailand to use AI to prevent fake news

The Thai Ministry of Digital Economy and Society said it is cooperating with over 300 agencies to eradicate fake news while looking to use articial intelligence (AI) to verify news reports.

Illustrative image (Photo: https://nationthailand.com)

Nissan to close factory in Thailand

The company expects to cut or transfer about 1,000 jobs in Thailand and stated that reducing operating expenses by around 400 billion JPY (2.62 billion USD) in the 2026 fiscal year will help maintain a stable operating profit margin of 4%.

The North of Thailand is grappling with a surge in wildfires, with 401 hotspots detected across 17 provinces (Photo: The Nation)

Wildfires rage northern Thailand

The North of Thailand is grappling with a surge in wildfires, with 401 hotspots detected across 17 provinces, the Region 3 Forest Fire Control Centre said on February 13.

Thailand suspends issuance of gun carrying permits to curb crime

Thailand suspends issuance of gun carrying permits to curb crime

Traisuree said the order was issued because many people in Thailand carry firearms in public places without a sound reason. Some display their firearms in public to intimidate others. Such habits could lead to crime and danger to people’s lives, properties and morale, she said.