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Thailand expects 27 million tourist arrivals in 2023

Thailand is anticipating a 3-4% expansion in its economy this year, driven by the crucial tourism sector, while exports are likely to decline due to slowing global demand. According to Finance Minister Arkhom Termpittayapaisith, the number of foreign tourists visiting the country could increase to 27 million this year, compared to last year's figure of 11.15 million. Arkhom further mentioned that Thailand's monetary policy need not follow US monetary policy, given that inflation is subsiding. The Bank of Thailand is expected to increase its key rate by a small 0.25 percentage points during its upcoming meeting on March 29. The finance minister reiterated that Thailand had not been impacted by the global banking sector's issues. He stated that Thailand's fiscal position remained steady as its public debt was not excessively high, and its foreign debt was also minimal.


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