The Bank of Thailand reported that the Thai economy is now clearly on the way to recovery, including private consumption and the tourism sector. After the government relaxes the remaining measures, the recovery is expected to continue. GDP is expected to increase by 3.3% and 4.2% in 2022 and 2023, respectively.
The labor market gradually improved. The number of unemployed is expected to fall to 2.4 million in 2023, which is close to the coronavirus level of 2.3 million people after a reduction of 18% in 2020.
However, the economic recovery is not yet comprehensive: export enterprises have recovered better than in the period before COVID. At the same time, the tourism sector recovered faster than expected, but still much lower than the level before COVID-19 this year, the number is expected to be more than 6 million tourists, or 15% of the number before the coronavirus.
Inflation is likely to increase due to many factors, the main of which is the rise in oil prices due to the Russian-Ukrainian conflict. Overall inflation in 2022 and 2023 is expected to reach 6.2% and 2.5%, respectively.
The country's economy continues to develop and the crisis is not expected. The state is making changes to the financial and economic course of the country to improve the state.