The World Bank said that Thailand's economy is expected to grow 2.9 per cent this year, unchanged from a forecast in April, and that Southeast Asia's second-largest economy is projected to reach pre-pandemic levels in the fourth quarter of 2022, due to a decline in COVID 19 cases and relaxation of border restrictions.
By 2024, the number of tourist arrivals is expected to reach 6 million this year, up from 0.4 million in 2021, and is expected to reach 24 million, or around 60 per cent of pre-pandemic levels.
The World Bank said that growth is expected to be 4.3 per cent for 2023 and 3.9 per cent for 2024.
The Thai central bank is about to begin interest rate normalisation after maintaining a policy rate at a historic low during the epidemic, according to the agency.
Thailand's oil dependence and vulnerability to global supply chain disruptions could help promote growth that is more sustainable and more resilient to external shocks, according to the World Bank.