Thailand's economy to improve further on consumption, tourism

Wednesday, 2022-08-03 09:18:40
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A view of the port of Bangkok, Thailand. (Photo: Reuters)
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NDO/VNA - Thailand’s economy improved in June and the momentum is expected to continue into the second half of 2022 thanks to increased tourism and domestic consumption as pandemic curbs eased.

The Bank of Thailand (BoT)'s Senior Director Chayawadee Chai-Anant said the tourism sector will play an important part in pushing the country’s economic recovery in the second half of 2022.

She cited an increase in foreign visitors from 520,000 in May to 765,000 in June, saying that the number of tourists this year could exceed the bank’s current prediction of 6 million people.

The senior director also stated that the central bank maintains its 2002 GDP growth rate forecast of 3.3%, as indicators signal that the country’s economic recovery will continue to accelerate in the year’s second half.

She added that the bank would continue to watch local and global economic situations closely in the face of several uncertainties.

The Fiscal Policy Office (FPO) has recently announced that it will keep its forecast for economic growth this year at an average of 3.5%, owing to the recovery in domestic consumption and the tourism sector.

The FPO also raised its forecast for foreign tourist arrivals this year to 8 million people, up from 6.5 million previously estimated in April.