Minister of Finance: Thailand’s economy will recover in 2023

Finance Minister Arkhom Termpittayapaisith said Thailand’s economy is expected to experience a full recovery, not next year, but by 2023. The economy is expected to grow by around 4% next year. , so 2022 would start the economic recovery, but it will take longer for Thailand to definitely bounce back from the ravages of the Covid-19 pandemic.

The finance minister believes that Thailand’s economic growth will largely depend on tourism and that by 2023 the tourism sector should have gained enough momentum to help the country achieve a full economic recovery. He said that after a disaster as financially difficult as Covid-19, the economy will take at least three years to grow back to two levels similar to before the pandemic.

The government intends to pour 1,000 billion baht into the economy which, along with positive figures from growing trade and export sectors, are expected to fuel all of the economic expansion slated for 2022. 300 billion baht have l The government’s injection will come from investments by state-owned enterprises, while another 600 billion comes from the state investment budget.

With measures such as injecting money into the economy, the government hopes to increase consumer confidence, which will encourage spending and consumption at the national level, which will help the economy to grow. Private investment should also be a useful factor.

The governor of the Bank of Thailand endorsed the forecast, saying he expects the company to make a full recovery by the first quarter of 2023. He warns, however, that government policy on finances and money must continue to support economic growth for Thailand to recover. .

As Thailand recovers from the pandemic, the new Omicron variant of Covid-19 has plunged the global economy into panic and the Siam Commercial Bank Economic Intelligence Center has responded by lowering its forecast for next year to 3.4. % to 3.2%, a little less than the forecast of the Minister of Finance of 4%.

Omicron’s economy dive may have a shorter lifespan than expected, however, as research shows the new variant is likely more infectious but less severe than the Delta variant, which likely means that the economic effect will also be less. serious.

SOURCE: Bangkok Post

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