Thailand’s economic outlook remains positive in 2023: economists

Tourists visit the Grand Palace in Bangkok, Thailand. (Photo: AFP/VNA)

Bangkok (VNA) – Thailand’s economic outlook remains positive next year despite global headwinds, economists said at the forum “Thailand Insight 2023: Unlocking the Future” taking place on December 7 in Bangkok. 

Attending the forum held by the Bangkok Post, Tim Leelahaphan, an economist for Thailand and Vietnam at Standard Chartered said that the bank is very optimistic about the country’s economic outlook despite negative factors across the world.

He said Thailand's unique domestic factors could provide options for businesses and asset managers as the country prepares for elections that are expected next year.

Its two main growth-driving factors in 2023 are tourism recovery and post-election economic stimulation which is expected to boost domestic consumption.

Tim said that the next Thai government will continue to launch stimulus packages to boost further consumption.

Meanwhile, Kiatipong Ariyapruchya, senior country economist of the World Bank (WB) for Thailand, said that the WB believes the world economy is slowing down, but not entering a recession.

He recommended that the Thai Government takes measures to support vulnerable people, especially low-income earners, to overcome economic difficulties.

Furthermore, the country should invest more in long-term growth, such as human resources and public infrastructure.

Thailand’s Joint Standing Committee on Trade, Industry and Banking on the same day forecasted that the Thai economy will continue to recover in 2023 with Gross Domestic Product (GDP) growth ranging from 3 to 3.5%, mainly thanks to the tourism sector.

It is estimated that the number of foreign visitors to Thailand will increase to about 20 million in 2023 from the expected 10 million this year./.