According to Thai media reports on September 13, with the recovery of tourism and services, Thailand's Huishang Bank (SCB) Economic Intelligence Center (EIC) has raised Thailand's economic growth forecast for 2022 from 2.9% to 3.0%, and is expected to reach 3.7% in 2023. This is mainly due to the recovery and development of Thailand's tourism and service industry.
As Thailand gradually opens to foreign tourists and relaxes cross-border travel measures around the world, EIC predicts that the number of tourists to Thailand will exceed 10.3 million this year. China is Thailand's largest tourism market. The Civil Aviation Administration of China previously stated that China will gradually open its doors to the end of 2022. Starting from 2023, China is expected to gradually relax international travel restrictions and resume and increase international flights. In response, EIC predicts that China's gradual relaxation of international tourism will increase the number of foreign tourists in Thailand to 28.3 million in 2023, and Thailand's tourism development is expected to return to pre-epidemic levels next year, and promote the continued increase in revenue from tourism and related service industries.
Thailand EIC predicts that the number of tourists to Thailand this year is expected to exceed 10 million. Source: Thailand headlines
In addition, EIC has also raised Thailand's inflation rate to 6.1% in 2022 (previously 5.9%), and is expected to slowly fall back to 3.2% in 2023. Above inflation targets are mainly due to the continued high energy and food prices, including the large transfer of manufacturer costs to the prices of other products, while export growth has also slowed down as the global economy slows down.
Source: Thailand Headline News, Thailand Network
Editor: Huang Lixia, Feng Chulin (internship)
