Thailand expects 3.4% growth in 2022, 3.8% in 2023

Thailand’s Finance Minister Arkhom Termpittayapaisith said the country’s economy will grow 3.4% this year and 3.8% next year, supported by a rebound in its vital tourism sector. Thailand’s economy can weather global uncertainties, while average inflation should come in at 6% this year. Last year’s economic growth of 1.5% was among the slowest in the region and Thailand’s tourism sector only started to show signs of new growth this year. Yuthasak Supasorn, governor of the Tourism Authority of Thailand, reported that from January to December 12, Thailand recorded 10.3 million foreign tourist arrivals, breaking through a government full-year target of 10 million. The South-east Asia’s second largest economy is now seeing 60,000 to 70,000 foreign tourists per day. Yuthasak said that it should end the year with 11.5 million foreign visitors.