Upgrade your membership plan for the full website experience.
View Membership Plans
February 21, 2023

Thailand’s Recovery is Firming but Risks and Structural Challenges Remain

Authored by
placeholder
placeholder
February 21, 2023

The ASEAN+3 Macroeconomic Research Office (AMRO) published the 2022 Annual Consultation Report on Thailand, indicating that Thailand’s economy continues to grow by 2.4 percent year-on-year in 2022 and is expected to expand by 4.8 percent in 2023 because of stronger domestic consumption and tourist arrivals. In 2022, the number of international visitors to Thailand reached 11.04 million. In addition to the government’s “We travel Together” schemes which are stimulus packages to promote domestic tourism, the Bank of Thailand (BOT) imposes new measures to help SMEs and retailers recover from COVID-19 pandemics, such as long-term debt restructuring measures and provisions for NPLs. 

However, Thailand’s economic recovery is facing some challenges. Firstly, global economic stagnation, because of evolving COVID-19 variants, might disrupt supply chains. Next, the strengthening U.S. dollar rates pose a risk to trade and importation. Lastly, the surge of global oil, cooking gases, and commodity prices heat inflation up, worsening lower-income and SME spending.  

AMRO suggests that Thailand needs to address structural challenges to strengthen post-pandemic recovery: a rapidly aging population, digital transformation, and climate change.

Join the Council to continue reading this article
Enhance your business impact in Southeast Asia: Become a member of the US-ASEAN Business Council and tap into a network of possibilities.
Free Related Articles

Membership Plans

Corporate Council

Corporate membership provides general advocacy support, access to all country- and industry-specific updates, and access to most Council events.

  • Business missions to all 10 ASEAN markets which engage governments at the highest levels.
  • Off-the-record roundtables and policy briefings with senior government leaders in ASEAN and the U.S.
  • On-the-ground support for promoting your positions/policy priorities with policy makers.
  • Industry-specific, country-specific, cross-sector and regional advocacy through committees that target their engagement based on member priorities.
  • Advocacy on your behalf in situations where your company should not be directly identified or is unable to be present.

Chairman’s Council

Corporate membership provides general advocacy support, access to all country- and industry-specific updates, and access to most Council events.

  • All Corporate benefits.
  • Assistance with resolving company-specific trade or investment issues through our six regional offices and U.S.-based staff.
  • Develop effective advocacy strategies to impact policy concerns.
  • Identification of, and engagement with appropriate policy influencers to impact policy concerns.
  • Assistance in conducting follow-up after engaging government leaders (can include providing officials with additional materials, setting up meetings with their staff, getting a readout of the government’s reaction to the discussion).
  • Support for developing arguments that will resonate with target stakeholders.
  • Leading and setting the agenda and policy priorities of the Country and Industry Committees.