Thailand’s GDP would increase by 3.8% in 2023, according to Finance Minister Arkhom Termpittayapaisith, with the key tourist industry contributing to the development.
Minister Arkhom stated on a Radio Thailand show that increased domestic expenditure and accelerated investment in significant projects will enhance development even more.
Tourism, in particular, is expected to play a critical role in the country’s economic revival, according to the finance minister. After the arrival of 11.15 million tourists last year, the country is now expected to attract 27.5 million foreign visitors this year. While encouraging, this figure is still lower than the approximately 40 million international visitors the country had in 2019 before to the outbreak.
With the projected return of Chinese tourists, the minister previously stated that the country’s economic development might exceed the present estimate. He did, however, warn against hasty interest rate rises, which might raise company expenses and family debt.
Because of government efforts and decreased food costs, the country’s headline inflation is forecast to fall within the central bank’s goal range of 1% to 3% this year. Notwithstanding the drop in export quantities, he highlighted that an exchange rate of 34 to 35 Thai baht per US dollar, as seen last week, would benefit export pricing.