BANGKOK- Thailand’s economic engines may not be as strong as before and the country’s important tourism sector may take longer to normalize, its central bank governor said on Thursday.
Factors that will be key to future growth are the digital economy and sustainability, Bank of Thailand Governor SethaputSuthiwartnarueput told a business seminar, discussing the post-pandemic economy.
“The growth story ahead must focus on inclusive growth to make the economy more resistant to challenges,” he said.
After 40 years, Southeast Asia’s second-largest economy still has a similar structure, relying on exports of the same sectors such as autos, petroleum and petrochemicals, electronics and tourism, while the global context has changed, he said.
Thailand’s exports and foreign direct investment have lagged behind Vietnam, while its ageing population will also weigh on growth,” Sethaput said.
Tourism, which typically accounts for 11-12 percent of GDP, could take a long time to return to pre-pandemic levels when there were 40 million foreign visitors, he said.
