World Bank reports: Thailand’s economy resilient despite challenges

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The World Bank has predicted that the Thai economy would begin to revive next year, although growth will be slower than projected owing to external factors.

The World Bank predicts the kingdom’s economy would grow 3.4% this year and 3.6% in 2023 in its most recent monthly report, with the 2023 prediction being 0.7 percentage points lower than the June forecast owing to a faster-than-expected fall in global demand.

The World Bank’s economic monitor report states that the resurgence of private spending and robust tourism inflows have helped the Thai economy to remain robust in the face of recent global shocks.

Economic growth in Thailand increased to 4.5 percent in the third quarter from 2.5 percent in the second quarter, according to data released by the Office of the National Economic and Social Development Council.

World Bank Country Manager for Thailand Fabrizio Zarcone remarked that increasing enough fiscal space would be required to cover the higher expenditure demand and offer a fiscal buffer for future shocks as Thailand strives to re-enter the ranks of high-income countries.

The budgetary reaction to the epidemic in Thailand helped reduce the severity of the crisis on Thai families, the survey found. Although poverty is expected to climb this year as relief programs are phased out due to rising prices, this year marks a significant improvement over last.

World Bank chief economist for Thailand Kiatipong Ariyapruchya recently stated that the present crisis offered incentive to pursue much-needed structural changes required to enhance the quality and allocation of expenditure as well as boost structurally low revenue.

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