Thailand’s gross domestic product (GDP) will grow 4.6 per cent this year, higher than the 4.2 per cent forecast by many other financial institutions, according to projections by London-based global banking giant HSBC.

HSBC economist Frederic Neumann said the higher-than-expected expansion stemmed from a continued increase in exports and local consumption. It is believed that consumption would play a more active role in recovering the economy because interest and inflation rates remain low and private investment begins to pick up.

hsbc logo

Also, the atmosphere for tourism improved as reflected by foreign investor visiting Thailand on a continuing basis, and the number might rise to a new record high.

via MCOT.NET > English_News > Business News > Thai GDP likely to grow higher than expected: HSBC.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

Thailand’s consumer confidence index (CCI) at 38-month high

However, the survey also noted that the overall index remained below a normal level of 100, indicating that consumers were still cautious and concerned about some risks and challenges

Thai Economy to Accelerate in 2023 on the back of tourists return

The tourism sector is expected to continue to strengthen, with the number of tourist arrivals projected to reach 29 million this year and 35.5 million in 2024.

Kasikorn Research keeps Thai growth forecast at 3.7% for 2023

A stronger than expected recovery in tourism may help offset slowing growth in other segments, says Kasikorn Research. It also forecasts that Thailand will welcome 28.5 million tourists this year, up from the previous estimate of 25.5 million.