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EIS optimistic on Thailand’s economic prospects in H2

Thailand's economy is predicted to experience a boost in the second half of this year, driven by a surge in tourism and domestic consumption, according to the Economic Intelligence Service (EIS), a research unit of the Thailand Development Research Institute (TDRI).
EIS optimistic on Thailand’s economic prospects in H2 ảnh 1A view of Bangkok. (Photo: AFP/VNA) 

Bangkok (VNA) – Thailand's economy is predicted to experience a boost in the second half of this year,driven by a surge in tourism and domestic consumption, according to the EconomicIntelligence Service (EIS), a research unit of the Thailand DevelopmentResearch Institute (TDRI).

Improved domestic consumptionwill stimulate the Thai economy in the second half, said EIS director KiridaBhaopichitr during a joint media briefing of TDRI and Krungthai Card Public Co (KTC) held on June 12.

The EIS forecast that Chinese arrivals toThailand will increase by 3-4 times the level recorded in 2022, reaching 5-6million this year.

While Thai exports have benefited from China's reopening, the EIS expects totalshipments will shrink this year given the risk of a global economic downturnand uncertainty in the formation of a new government, she said, adding that the political instability maydelay the fiscal 2024 budget disbursement, thus affecting government spendingin the fourth quarter of 2023.

The EIS predicts the economyto grow 3.5% this year, fuelled by the influx of international arrivals andprivate consumption.

According to forecasts madeby the Bank of Thailand, international arrivals are expected to reach 30million this year and are set to increase to 35.5 million in 2024./.

VNA
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