The Thai economy is set to bounce back from a surprising contraction in the fourth quarter of 2022 as foreign tourist arrivals are likely to surprise on the upside and counter headwinds to merchandise exports from a global slowdown, say leading economists.
Southeast Asia’s second-largest economy will expand by 4% this year even after the “sharp and surprise sequential contraction” in the fourth quarter, according to Nomura Holdings. Standard Chartered Banks sees gross domestic product (GDP) expansion of 4.5% this year, and DBS Bank forecasts a growth rate of 3.4%, up from a disappointing 2.6% last year.
