This is supported by domestic consumption, tourism recovery and pent-up demand in China.
The faster growth will come from stronger domestic private consumption and revival of tourism, the World Bank East Asia and Pacific Chief Economist Aaditya Mattoo said at a virtual press conference Friday, when the bank released its latest East Asia and the Pacific Economic Update report.
However, Thailand's goods exports in US dollar-denominated terms are expected to contract in 2023, due to slowing global growth, Mattoo said. He warned about domestic challenges such as rising household debt levels, rapid aging, low capital investment accumulation and declining export competitiveness, which may limit Thailand's potential growth, and advised deepening reforms, especially in the service sector.
In the latest East Asia and the Pacific Economic Update, the World Bank said economic performance across the region, while robust, could be held back this year by slowing global growth, elevated commodity prices and tightening financial conditions.
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