Thailand’s GDP outlook is expected to grow between 2.7-3.6 percent in 2023, an increase from 2.6 percent in 2022. Economic growth will be boosted by a recovering tourism industry and improving private consumption.
Southeast Asia’s second-largest economy was in a severe recession in 2020 due to the pandemic. GDP fell by 6.1 percent in that year, which represented Thailand’s largest contraction since the Asian Financial Crisis.
Despite Thailand continuing to face several challenges this year, ranging from a weaker baht, a contraction in exports due to external risks, and a predicted fall in public consumption, the country offers ample opportunities for foreign investors. Thailand’s strategic geographic location in the center of ASEAN makes the country an important manufacturing and distribution base with direct links to the Chinese and Asian markets.
We look at several industries that are showing good growth prospects in 2023.
The tourism sector rebounding
Tourism is an important sector for Thailand. The sector contributes to approximately 20 percent of GDP with a record 39 million…
