According to the report from Mr.Thanavath Phonvichai, the president of the Center for Economic and Business Forecasting, It was mentioned that on August 2022, Thai consumer confidence rose for a third straight month reaching a seven-month high. It reached 43.7 in August from 42.4 in the previous month, This will recover Thai economic growth at 3% – 3.5% this year.
The main factors that have pushed the Thai economy to grow up as follows,
- Released government support measures
- Easing of Covid-19 measure
- Promoting tourism sector
- Supporting night entertainment (added a monthly 50 billion baht to the economy)
Especially, in Q4 if foreign arrivals travel in Thailand at least 1 million person/month, it would earn an income of around 50 billion. Also, the Ministry of Labour will adjust wages to rise on average at 5%, which will be effect officially on 1st October 2022, this factor will cause people more income and drive the Thai economy. Hence, the Thai economy in Q4 will rise to 3.5% – 4%, the Center for Economic and Business Forecasting reported.
Published 21/09/2022
By Windy K.
