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Thailand Bounces Back as New Year Spend Set For 3-Year-High

Forecasters say $2.97 billion will be spent in the country, mostly driven by domestic consumers and tourism

A queue forms as people wait to order food at a popular street stall in the Chinatown area of Bangkok. Tourists are flooding back into Thailand, much to the relief of citizens tired of the country's economic downturn during the Covid pandemic. Photo: AFP


New Year consumer spending in Thailand is set to hit a three-year high as Southeast Asia’s second-largest economy continues its powerful recovery from the pandemic.

The University of the Thai Chamber of Commerce is forecasting 103 billion baht ($2.97 billion) will be spent in the country, driven by private consumption and tourism.

That would be a record 20% jump from about 86 billion baht spent during the previous New Year period, Thanavath Phonvichai, president of the chamber of commerce told a briefing on a consumer survey.


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“It’ll be an active New Year,” he said, adding the economy would return to normal in 2023.

The central bank has forecast the Southeast Asian country’s economy would expand 3.2% this year and 3.7% in 2023.

A revival of the vital tourism sector has bolstered consumer confidence that reached a 20-month high in November, when industrial sentiment also hit a 41-month high.


  • Reuters with additional editing by Sean O’Meara


Read more:

Thailand to Grow 3.5% as a Weak Baht Boosts Exports

Thailand Plans $22bn in New Borrowing in 2023 Fiscal Year



Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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