The Thai economy has seen improvements during the month of November, compared to the prior month, with growth seen in private sector investment and exports.
According to the Bank of Thailand, private consumption was able to expand by 0.9% due to improvements in the domestic COVID-19 situation, the rapid administering of the Covid vaccine, and the relaxation of restriction measures imposed to curb the spread of Covid. Economic activity, consumer confidence, and household income all experienced a recovery. Household spending was given a boost by stimulation measures such as the State Welfare Card, the Co-pay purchase subsidy program, and the We Travel Together tourism promotion campaign. Private sector investment rose by 1.3% due to investments in machinery and equipment and construction spending. Exports rose by 2.9% due to improved performance in almost every export category, which the BOT attributed to the recovery of trading partners’ economies and the ramping up of manufacturing to meet orders – especially in the automobile industry – that have early been left unfulfilled.
The central bank noted that the number of foreign tourists rose after the government reopened the country to international tourists on November 1. However, the overall number of tourists remained unsubstantial as many countries still imposed curbs on international travel.
Chayawadee Chai-Anant, senior director for the BOT’s Corporate Communications Department, expressed her belief that the spread of the Omicron variant of coronavirus will not have much impact on the target number for foreign visitors in 2022, as more foreign tourists are expected to arrive in the latter half of the year rather than in the first half. She revealed that the central bank’s forecast is currently for the Thai economy to expand by 3.4% in 2022.