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
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