According to Siam Commercial Bank’s Economic Intelligence Center, the robust tourism industry will help Thailand’s economy continue to develop (SCBEIC).
The center anticipates that the tourism industry will assist Thailand’s economy grow, as more international tourists are expected to travel there during the country’s peak travel season in Q4. This will help increase the number of jobs in the industry.
The export industry, which is seen as a major economic driver, is expanding. It is, in line with global economy, anticipated that the sector’s performance will slow down along with that of industries involved in exports.
In practically every category, private enterprises’ consumption is improving. The center anticipates that the inflation crisis will have peaked and that the inflation rate will steadily drop in step with falling fuel prices.
The country will suffer damages from the flooding calamity that has impacted several areas this year of about 12 billion baht, which is still less than in 2011.
The SCBEIC anticipates that Thailand’s Monetary Policy Committee will keep raising the nation’s policy interest rate to 2% over time. By mid-2023, Thailand’s economy should be operating at pre-pandemic levels.
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