World Bank raises Thailand growth forecast to 3.1% amid signs of economic recovery
The World Bank on Tuesday raised its forecast for Thailand's gross domestic product (GDP) this year from 2.9 per cent to 3.1 per cent following recovery in consumption and exports.
However, the bank also reduced Thailand's growth forecast for next year from 4.3 per cent to 4.1 per cent.
"Despite the economic slowdown's impact on Thailand's exports, easing of Covid-19 restrictions will help support the country's tourism," it said.
The World Bank expects growth in the East Asia and Pacific region this year to drop sharply to 3.2 per cent due to the impact of China's strict Covid-19 restrictions on industrial manufacturing, domestic sales and exports.
The bank also expects 8-10 million foreign tourists to visit Southeast Asian countries this year.
The Thai government forecasts a 3-3.5 per cent expansion for the country’s economy this year as tourism recovers.
