Home NewsEconomy News Thai economy may hit 2023 growth goal if Chinese tourists come- Finance Minister By Reuters

Thai economy may hit 2023 growth goal if Chinese tourists come- Finance Minister By Reuters

by WOOWinvest
0 comment
Thai economy may hit 2023 growth goal if Chinese tourists come- Finance Minister By Reuters

© Reuters. FILE PHOTO: Thai baht notes are seen at a Kasikornbank in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha/File Photo

At Orathai Sriring and Kitiphong Thaichareon

BANGKOK (Reuters) – Thailand’s economy may accelerate next year and hit the 3.8% growth forecast provided its vital tourism sector will get a boost from China’s reopening plans needed to offset slowing global demand, the finance minister said on Tuesday.

Growth in southeast Asia’s second-largest economy has lagged that of other peers as the tourism sector has just started to recover from the coronavirus pandemic. In pre-pandemic 2019, Chinese tourists accounted for about 28% of nearly 40 million foreign tourist arrivals.

Arkhom Termpittayapaisith estimated 2022 economic expansion at 3.1% or 3.2%.

“But next year we are still optimistic and hoping that we will get 3.8% (growth) with tourism the main driver,” he told a news conference, saying there were signs that China would start to reopen.

Arkhom warned last month the 2023 growth forecast might be missed because of the global economic slowdown.

He said Thailand had received 11 million foreign tourists so far this year and the number should rise to some 21 million in 2023, or even further if Chinese tourists return.

Investment will also underpin the economy, Arkhom added.

The government is planning to cap its budget deficit at 3% of gross domestic product in the 2024 fiscal year, aiming for a deficit of 593 billion baht ($17.13 billion), Arkhom said.

The ministry’s medium-term fiscal framework, approved by the cabinet on Tuesday, also saw the public debt at 61.35% of GDP at the end of the 2024 fiscal year starting Oct. 1.

Arkhom also said the Bank of Thailand’s inflation target range of 1% to 3% was appropriate and monetary policy would ensure continued recovery of the economy.

While headline inflation was 5.55% in November, he said it would slow to within the target in 2023.

The central bank said recently it would keep raising rates until the economy grew at its full potential and inflation returned to target.

($1 = 34.62 baht)

You may also like

Leave a Comment

Our Mission is to help you make better trading decisions by providing actionable investing content, comprehensive tools, educational resources and assist you in making more money in the stock market.

Latest News


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Right Reserved. Designed and Developed by WOOW Invest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy