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.
Also on AF: Tesla China Boss Sent to US to Fix Faltering Production
“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
Thailand to Grow 3.5% as a Weak Baht Boosts Exports
Thailand Plans $22bn in New Borrowing in 2023 Fiscal Year