[THAILAND ECONOMIC NEWS] Good morning everyone I am Rumi Dhar from Kama Group.
Here I have important THAILAND economic news to share with you which is as mentioned
under.

Thailand’s economy is set to bounce back from a shock contraction in the fourth quarter as
foreign tourist arrivals are likely to surprise on the upside and counter headwinds to
merchandise exports from a global slowdown.

Southeast Asia’s second-largest economy will expand 4% this year even after the “sharp and
surprise sequential contraction” in the fourth quarter, according to Nomura Holdings Inc.
While Standard Chartered Bank Plc sees a gross domestic product expansion of 4.5% this
year, DBS Bank Ltd. forecasts a growth rate of 3.4%, up from 2.6% last year.

While a 1.5% contraction in fourth quarter from the preceding three months surprised
most analysts, China’s scrapping of Zero-Covid policy has already triggered a rush of
tourists from Thailand’s biggest source of visitors before the pandemic. That may in turn
perk up domestic consumption, providing a spark for economic expansion, especially in
the second half.

“We see significant upside from returning Chinese tourists over the next two years,” Chua
Han Teng, an economist at DBS, wrote in a note. “It will be driven by some revenge
traveling, improvements in flight capacity, and efforts by Thai authorities to spur tourism
activity.”

Here’s a wrap up of economists’ views on Thai GDP:

Siam Commercial Bank (Somprawin Manprasert)

“The trend of tourism-led recovery this year hasn’t changed. We see a turnaround in the
economic situation during the last couple of weeks from rising tourist arrivals and a
not-so-bad global economy and these will likely set the tone for good growth this year.”

“We just revised up our tourist arrivals this year to 30 million and we still see an upside
to our forecast.”



Read more at: https://www.bloomberg.com/news/articles/2023-02-22/thailand-s-economy-is-set-to-bounce-back-from-shock-contraction-as-tourism-booms

KAMA GROUP
New Delhi
Have a nice day