The Thai economy will face many headwinds but also tailwinds next year, mainly from the global economy and geopolitical tensions. In 2022, the Thai economy slowly recovered from the Covid pandemic as lockdowns ended and the economy was reopened to international travel.
After contracting by more than 6% in 2020, Thailand's real gross domestic product (GDP) grew by 1.5% in 2021 and 3.2% in 2022.
Next year, the Thai economy is forecasted to grow by 3.5%. The continued expansion will be fueled by the growth of household consumption, remittances from tourism, especially international travellers, growing exports, especially to China, as well as private investments, particularly the relocation of high-tech production from China to Thailand.
