Thailand’s economy grows but lacks Chinese money

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Second-quarter tourism growth is predicted to be 3.1% year-over-year, up from 2.2%. Thailand expects 10 million tourists by year’s end, up from 1.07 million in July. 12 economists anticipated 0.9% quarterly GDP growth, down from 1.1% in the previous quarter. Tourism and the government’s move to lower entry criteria boosted Thailand’s economy.

Tourism is essential to Thailand’s economy, and a faster-than-expected rebound should increase growth, says economist Chua Han Teng. If China doesn’t change its zero-Covid policy, a full comeback to pre-pandemic numbers seems unlikely. Thailand’s economy grew at its fastest pace in a year last quarter, but the outlook is still threatened by rising living costs and China’s zero-Covid-19 policy. Global recession fears could affect Thailand’s economy and growth forecast. Standard Chartered analyst Tim Leelahaphan said, “There’s no sign inflation will fall.” Reuters predicts Thailand’s GDP would grow 3.4% this year, 4.1% in 2023, and 3.5% in 2024. Persistent inflation. Prime Minister Prayuth Chan-o-cha said tourism will boost the economy 3.3% this year and 4.2% next year. Chua argues this enhances global recession danger. Coronavirus undermines China’s economic growth. China’s zero-Covid policy slows traveler returns. The headline rate dipped to 7.61% in July but was still around June’s 14-year high and over the 1%-3% guideline.