World Bank forecasts Thai GDP growth at 3.1% this year

BANGKOK (Reuters) -Thailand’s economy is expected to grow 3.1% this year, higher than a forecast in June of 2.9%, supported by private consumption and exports, the World Bank said on Tuesday.

However, the bank cut Thailand’s growth forecast in 2023 to 4.1%, from a previous outlook of 4.3%.

While an expected global economic slowdown next year will depress demand for exports, the easing of the COVID-19 pandemic would support a tourism recovery, the bank said in a report.

The Southeast Asian country expects eight million to 10 million foreign tourist arrivals this year, having received five million so far.

The tourism-reliant economy saw nearly 40 million visitors in 2019.

Thailand’s government expects the economy to grow by 3% to 3.5% this year.

(Reporting by Chayut Setboonsarng; Editing by Kanupriya Kapoor and Kim Coghill)