According to the World Bank’s Thailand Economic Monitor for June 2023, Thailand’s economic recovery is expected to accelerate. Due to stronger-than-expected foreign demand, the bank’s prediction for Thai GDP growth in 2023 has been revised up to 3.9%.
According to Government Spokesperson Anucha Burapachaisri, in recognition of this development, Prime Minister Gen Prayut Chan-o-cha has conveyed his gratitude to all relevant parties working to secure the nation’s economic recovery. He went on to say that the prime minister was confidence in his administration’s stimulus programmes, which were based on ongoing assessments of economic situations. The reforms were designed to assist strengthen the Thai economy, and the outcomes were reflected in the World Bank’s revised predictions.
Thailand’s economic growth rebounded by 4.5% in the first quarter of 2023, according to the World Bank, due to strong domestic demand and tourism revenue. According to the World Bank research, the current account balance is forecast to reverse its two-year deficit and return to positive territory in 2023, at 2.5% of GDP, due to improved trade in both goods and services.
Meanwhile, it stated that labour market conditions are improving as the recovery in tourism, trade, and hospitality industries continues. According to the data, the jobless rate is now 1.1%, down from 1.5% in the same quarter last year.
According to the Ministry of Tourism and Sports, more than 12.4 million foreign visitors have visited Thailand since the beginning of the year, bringing in over 500 billion baht for the country.
According to Thai PBS, the World Bank report predicts that the Thai economy will grow by 3.6% in 2024 and 3.4% in 2025. Nonetheless, it warned of hazards that must be avoided, such as slower-than-expected global economic growth and a variety of other issues, such as climate change. It also highlighted that Thailand is frequently hit by droughts and floods, however it acknowledged that progress had been made in dealing with these issues.
The World Bank Thailand
The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. It aims to reduce poverty and promote economic development by providing financial and technical assistance.
Thailand has been a member of the World Bank since 1949. The World Bank has been involved in various projects and programs in Thailand to support its economic development and address key challenges. Some of the areas in which the World Bank has been involved in Thailand include:
1. Infrastructure Development: The World Bank has supported Thailand in developing its infrastructure, including transportation systems, water supply and sanitation, and energy projects. These initiatives aim to improve connectivity, enhance access to basic services, and promote sustainable development.
2. Education and Skills Development: The World Bank has provided assistance to Thailand’s education sector, focusing on improving access to quality education and enhancing skills development. This includes supporting reforms in the education system, promoting vocational and technical education, and improving learning outcomes.
3. Poverty Reduction: The World Bank has worked with the Thai government to implement programs and policies aimed at reducing poverty and inequality. This includes social safety net programs, support for rural development, and initiatives to promote inclusive growth and economic opportunities for disadvantaged groups.
4. Environmental Sustainability: The World Bank has supported Thailand’s efforts to address environmental challenges, including climate change mitigation and adaptation. This includes funding for renewable energy projects, sustainable urban development, and conservation of natural resources.
5. Governance and Institutional Strengthening: The World Bank has provided technical assistance and capacity-building support to strengthen Thailand’s governance structures and institutions. This includes initiatives to enhance public financial management, improve transparency and accountability, and promote good governance practices.
It’s important to note that the specific projects and programs undertaken by the World Bank in Thailand may vary over time, depending on the country’s needs and priorities. For the most up-to-date information on the World Bank’s activities in Thailand, I recommend visiting the official website of the World Bank or the World Bank Thailand office.