Thailand’s economic outlook remains positive in 2023: economists
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.
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 theforum “Thailand Insight 2023: Unlocking the Future” taking place on December 7in Bangkok.
Attending the forum held by the Bangkok Post,Tim Leelahaphan, an economist for Thailand and Vietnam at Standard Charteredsaid that the bank is veryoptimistic about the country’s economic outlook despite negative factors acrossthe world. He said Thailand's unique domestic factorscould provide options for businesses and asset managers as the country preparesfor elections that are expected next year. Its two main growth-driving factors in 2023 aretourism recovery and post-election economic stimulation which is expected toboost domestic consumption. Tim said that the next Thai government willcontinue to launch stimulus packages to boost further consumption. Meanwhile, Kiatipong Ariyapruchya, senior countryeconomist of the World Bank (WB) for Thailand, said that the WB believes theworld economy is slowing down, but not entering a recession. Herecommended that the Thai Government takes measures to support vulnerablepeople, especially low-income earners, to overcome economic difficulties.
Furthermore, the country should invest more inlong-term growth, such as human resources and public infrastructure.
ꦜ Thailand’s Joint Standing Committee on Trade,Industry and Banking on the same day forecasted that the Thai economy willcontinue to recover in 2023 with Gross Domestic Product (GDP) growth rangingfrom 3 to 3.5%, mainly thanks to the tourism sector.
It is estimated that the number of foreignvisitors to Thailand will increase to about 20 million in 2023 from theexpected 10 million this year./.
The public and private sectors are being urged to work together to prepare for uncertainty in the tourism industry next year, which may pose hurdles for Thailand’s ability to maintain its competitive edge.
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Tourists visit the Grand Palace in Bangkok, Thailand. (Photo: AFP/VNA) 
