Sep 27, 2022 12:27AM ET
By:AnalysisWatch
The Thai economy is expected to grow by 3.1% this year, up from a June forecast of 2.9%, supported by private consumption and exports, the World Bank said Tuesday.
However, the bank cut Thailand's 2023 growth forecast to 4.1% from an earlier outlook of 4.3%.
While an expected global economic slowdown next year will depress export demand, relief from the COVID-19 pandemic would support a recovery in tourism, the bank said in a report.
The Southeast Asian country expects between eight and 10 million foreign tourist arrivals this year, having so far received five million.
The tourism-dependent economy saw nearly 40 million visitors in 2019.
Thailand's government expects the economy to grow by between 3% and 3.5% this year.
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