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Finance Minister Expects Thailand’s Economy to Recover in 2023

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The covid-19 pandemic brought massive damage to Thailand, other countries and people around the world. A lot of states started struggling financially and the economic crisis has gained a foothold. The new omicron variant which appeared recently led to the reintroduction of new restrictions.

Thailand has been no exception. According to the country’s finance minister Arkhom Termpittayapaisith, because of the tough situation, Thailand will definitely make a full recovery in 2023. According to the minister, the process will start in 2022 and continue during the upcoming period. The economy is expected to grow by 4%.

People were Left Without Jobs

Because of the pandemic, the general picture demonstrated that a lot of people were left without jobs. Unfortunately, Thailand was no exception and in the country, which has a population of almost 70 million, citizens were looking for other opportunities to financially take care of their households.

As recent statistics noted, Forex trading in Thailand has seen a massive surge during the past 2 years. Since the beginning of the Covid-19 pandemic, numerous individuals, especially youngsters, started investing in the financial sector and managed to succeed. The flexibility and simplicity of currency trading played a huge role, obviously.

Lockdown was pretty damaging for Thailand and the country should try a lot to stand on its feet economically.

Tourism Will Play an Important Role

As the minister points out the key role in the revitalization of the economy will fall on tourism – the sector which was heavily affected because of different restrictions. As of December 2021, Thailand is again closing its provinces to tourists due to the coronavirus. Foreigners from December 22 will not be able to issue a permit to enter the kingdom.

According to the new rules, it will be possible to rest in the kingdom after a 10-day quarantine. The second test for COVID-19 will need to be passed in the form of PCR, until December 22 it was a self-test for antigen. The second analysis will have to be done in special institutions, but it will be free of charge.

Nevertheless, the mainstream is not comparable to that to which Thailand and our tourists are accustomed.

Hence, tourism will definitely play a massive role in reviving the country’s economy. It was severely affected by the virus and at least 3 years will be required to return to pre-pandemic levels.

Naturally, now the tourist season is approaching, which people very much hoped for. Many places have closed during this time. Some tourist areas, beaches look desolate. There are, of course, much fewer people than there might be in normal times.

The Thai authorities, meanwhile, did not rule out that they will continue to tighten restrictions on tourists. The rules may be revised after January 4th.

1 Trillion Baht Plan

The government of Thailand has other plans as well. To fuel the economy, authorities plan to dump 1 trillion baht and help grow export and trade. The money will mainly come from state enterprise investment and state investment budget. The government hopes to increase consumer confidence and try its best to revitalize the economy.

Omicron Raises Fears

The new omicron variant which appeared in December raises concerns among the authorities of Thailand. However, the governor of the Bank of Thailand believes that the company will fully recover by 2023. Moreover, the money allocated by the government must continue to support the economic growth of the country.

While Thailand is recovering from the new Omicron variant, Siam Commercial Bank Economic Intelligence Center downgraded their prediction for the next year from 3.4% to 3.2%, quite a bit lower than the Minister of Finance’s prediction of 4%.

However, the virus is less deadly and lasts only several days. A lot of people are hopeful that this variant will likely end the pandemic once and for all.

 

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