Thai GDP to grow 3% in 2022 thanks to tourism recovery, says NESDC

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Thailand’s government planning unit said on Wednesday the country’s economy is set to grow by 3 per cent in 2022 and 3.7 per cent in 2023, driven by recovery in the tourism sector. 

“Many economic engines are expanding, particularly exports and tourism,” Danucha Pichayanan, head of the National Economic and Social Development Council (NESDC), said at a business seminar ‘Stronger Thailand‘.

Danucha revealed that in the first five months of this year Thailand welcomed around 2 million foreign visitors. He expects between 7 to 10 million for the whole year, which is still significantly below pre-Covid levels of 40 million. 

Beginning from July 1, all visitors will no longer be required to register in the Thailand Pass system, and tourists will no longer need to prove Covid-19 insurance policies of at least US$10,000. 

The NESDC estimates Thai gross domestic product (GDP) growth of 3.7 per cent in 2023, which appears to be lower than other research units’ projections of which see over 4 per cent growth, according to Danucha. 

Prior to the uncertainty caused by Russia’s invasion of Ukraine, the NESDC forecasted the Thai economy to see 4 per cent growth. Now as inflation and a weakening global economy come into play, it is inevitable for officials to lower their outlook.

The kingdom suffered a 6 per cent contraction in the Covid-hit 2020. Later in 2021, Thailand saw 1.6 per cent growth as the pandemic effects persisted.

“We are able to control the Covid-19 outbreak,” said Danucha. “Now we’re attempting to boost the economy,”

“There are several conflicts overseas. But in our country, we must work together to prepare for the impact of such incidents,” Danucha added. “All parties must cooperate.” 


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