Thailand Could be Set for Huge Growth after Positive Economic Forecasts

Thailand looks set for significant economic growth in 2022, according to the country’s latest economic forecasts. The deputy prime minister suggested that Thailand could see its economy grow by up to 6% in 2022, providing COVID-19 doesn’t flare up once again.

Over the past 18 months or so, Thailand has been entrenched in a long-running battle to overcome the worst of the pandemic, and subsequently, economic growth has been stymied.

However, with the country reopening for tourism, there could be sustained financial and fiscal stability in the coming year.

Previously, the Finance Ministry had suggested that the economy will grow by 4%, but Thailand could well exceed initial estimates. With vaccinated tourists visiting, this is a much-needed boost for the country that has become renowned for its stunning beaches and its vibrant nightlife.

Yet it’s not just tourism where there are positive signs of growth. There has been a shift in monetary policies, and the bank is trying to resist pressure to raise interest rates.

There has also been plenty of digital innovation too, especially over the past few months in the mobile market, where the likes of Huawei are trying to power change in the Asian region.

Read: Thailand’s Economy Projected to Lose 10 Billion in First Quarter

But it’s not just Thailand where we are likely to see significant economic growth in 2022. It is also likely to be a similar story in India, particularly with gaming, which is continuing to play more of a prominent role. India has started to make a name for itself in eSports, as more League of Legends and CS: Go teams and streams are becoming available.

This is also applicable in other industries. Online gambling in India has also taken shape over recent years – whether it is traditional sports betting or wagering at online casinos, where people can play thousands of classic slot and table games 24/7.

Meanwhile, the Thailand economy is set to get nearly $20 billion of investment pledges next year, particularly foreign investments.

Speaking about the economic outlook in Thailand, Sana Angubolkul, who is the country’s head of the Chamber of Commerce, said: “The economy started to recover but not fast… importantly, positive momentum must continue, no on-and-off closures.”

Thailand is a fascinating case study, and as Angubolkul points out, the economy simply can’t be a stop-start.

Despite the hurdles of the past two years, initial signs in Thailand look very promising. Thailand is on the road to recovery, and while there may be a few bumps in the road, the country can be hopeful that they will be able to put their recent struggles behind them.

 

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