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Thailand expects 3.9% growth in 2022, 4.1% in 2023

Thailand’s economy is expected to grow 3.9% this year and 4.1% in 2023. However, economists expressed concern that the Omicron outbreak and temporary suspension of the “Test&Go” tourism program in late December-January would affect the economic recovery and delay an international tourism recovery in early 2022. Lattakit Lapudomkarn, economist at Kiatnakin Phatra Securities, said they expect the impact will be short-lived as the outbreak has proven less severe than expected. A survey showed that Thailand's economy likely returned to growth in Q4, but the suspension of a quarantine waiver for foreign tourists probably dented the recovery. Charnon Boonnuch, an economist at Nomura, said they expect the strong improvement in merchandise exports would help the economy to slowly return to expansion in the fourth quarter.

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