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Business Operators in Thailand are Optimistic About Economic Growth Prospects in 2023

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Business Operators in Thailand are Optimistic About Economic Growth Prospects in 2023

(CTN News) – Business owners in Thailand are confident about the country’s economic growth this year, according to a poll by the UTCC Institute of Trade Strategies.

Survey shows Thai business operators expect the economy to grow over 3% in 2023

According to the poll, company owners anticipate economic growth of more than 3% in 2023, fueled by an increase in Chinese tourists and the general election’s impact on money circulation.

Business owners from around the country participated in the poll, with 76% of respondents owning and operating small enterprises in the service, trade, manufacturing, or agricultural sectors.

Respondents reported a continuation of last year’s business performance, with hopes that things will improve over the following six months and eventually return to pre-pandemic levels.

Increased freedom from regulations aimed at preventing the spread of the disease has boosted commerce and the economy.

Meanwhile, the tourism industry is on the mend thanks to a resurgence of Chinese travelers, and the general election is anticipated to enhance revenue.

The general election is projected to put 100 to 120 billion baht into circulation and boost GDP growth.

However, respondents warned that businesses still face challenges such as rising costs associated with inflation, minimum wage increases, and energy price volatility.

Nonetheless, respondents to the study expected the Thai economy to expand by 3.35 to 3.82% (or 3.42%) in 2023.

As a result of the general election’s intense campaigning, an additional 100–120 billion baht will likely enter circulation in April and May, contributing 0.5%–0.6% to GDP growth.

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Arsi Mughal is a staff writer at CTN News, delivering insightful and engaging content on a wide range of topics. With a knack for clear and concise writing, he crafts articles that resonate with readers. Arsi's pieces are well-researched, informative, and presented in a straightforward manner, making complex subjects accessible to a broad audience. His writing style strikes the perfect balance between professionalism and casual approachability, ensuring an enjoyable reading experience.

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