BANGKOK, March 31 (Reuters) - Thailand's economy is
expected to grow by 3.6% this year, up from 2.6% last year,
supported by stronger private consumption, a recovery in the
tourism sector and strong pent-up demand following China's
reopening, the World Bank said on Friday.
The 2023 outlook was unchanged from a forecast in December,
and compared with 4.1% growth predicted in September.
The World Bank projects economic growth of 3.7% in 2024.
Foreign tourist arrivals to Thailand are expected to rise to
27 million this year and "surpass the pre-pandemic level by
2024", the World Bank said in a report.
The Southeast Asian country received 11.15 million foreign
tourists last year, compared with nearly 40 million in
pre-pandemic 2019.
While investment would continue to expand, goods exports in
dollar terms were expected to contract by 1.8% this year due to
the global slowdown, the World Bank said.
"Thailand's economic recovery continued to lag" that of
Southeast Asian countries as falling exports have clouded the
outlook, with domestic price pressures and elevated household
debt posing downside risks, the bank said.
"Political uncertainty remains regarding the timeline of
general elections and government formation," it said.
Thailand's election on May 14 will be a battle between
parties aligned with the military-backed establishment, led by
Prime Minister Prayuth Chan-ocha, 69, and the billionaire
Shinawatra family-backed Pheu Thai party, this time led by
Paetongtarn, the 36-year-old daughter and niece of two
ex-premiers.
(Reporting by Orathai Sriring; Editing by Ed Davies)
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