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(Xinhua file photo: Tourists in Thailand’s Khao Yai National Park, Dec. 11, 2023)
BANGKOK, Dec. 15 (Xinhua) — The World Bank on Thursday forecast that the Thai economy will expand 2.5 percent this year, down from the previous forecast of 3.4 percent. in October This is due to global headwinds that hinder economic recovery.
World Bank Thailand Economic Monitoring Report stated that Thailand’s growth outlook in 2024 has been revised down from 3.5 percent to 3.2 percent, with the main drivers being tourism and private consumption. Meanwhile, exports are expected to recover due to favorable global trade.
The World Bank forecasts that tourism will return to pre-pandemic levels by mid-2025, as a result of a slowdown in tourist arrivals in key markets.
The Bank stated that if the digital wallet project planned by the Thai government is implemented, It may help stimulate growth in the short term. This represents 2.7 percent of the gross domestic product (GDP).
The GDP growth rate trend for the period 2023-2030 is expected to be 2.7 percent, a decrease of 0.5 percentage points compared to the past decade. This is due to the aging population and declining productivity growth.
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