Thai economy to return to pre-pandemic level this year: Office

The Thai economy is expected to return to the pre-pandemic level in 2023 thanks to the recovery of the tourism sector and private consumption, according to Thailand’s Eastern Economic Corridor Office (EECO).
The Thai economy grew 4.5% in the third quarter of 2022.
The Thai economy grew 4.5% in the third quarter of 2022.

The office predicted that the country’s the economy will expand by 3.8% this year despite the risk of declines in export due to rising production costs and high interest rates.

In the third quarter of 2022, the Thai economy grew 4.5%, it said, adding that investment in production and construction sectors rose despite rising production costs.

According to the EECO, operators of 376 projects in industries targeted for the Eastern Economic Corridor (EEC) have won investments worth 247 billion baht (nearly 7.2 billion USD) for the first nine months of last year.

The target industries include next-generation automobiles, medical and wellness tourism, agriculture, food for the future, robotics, aviation and logistics, biofuels and biochemicals, and digital technologies.

Investment in these industries is expected to expand further, EECO said.

It added that 77 factories worth 6.66 billion baht had been set up in the EEC in the third quarter last year, 13 of which worth 1.66 billion baht are located in Chachoengsao, 40 worth 2.43 billion baht in Chonburi and 24 worth 2.55 billion in Rayong.