Thailand’s retail growth projected to hit 6-8% in 2023
Thailand's retail industry, thanks to the recovery of tourism, is forecast to grow by 6-8% in 2023, double the rate of the country's GDP, said the Thai Retailers Association (TRA).
Customers buy fruit at Or Tor Kor market, Thailand. (Source: VNA)
Bangkok (VNA) - Thailand's retail industry, thanks to the recovery of tourism, is forecastto grow by 6-8% in 2023, double the rate of the country's GDP, said the Thai Retailers Association (TRA).
According to Yol Phokasub, president of TRA, the sector has been improving,particularly in popular tourist destinations such as Phuket, Samui and Pattaya.
Tourism constitutes an important portion of the Thaieconomy, in addition to exports, said Yol.
The nation’s retail industry grew by 2-3 times the GDP rateover the past years, but was hit hard during the COVID-19 outbreaks when manycountries closed their borders.
To stimulate the expansion of the market and overalleconomic growth, TRA is calling on the government to enact more measures andincentives for the retail and service sectors.
The government is also being urged to promote Phuket as atax-free province to beef up foreign tourists’ spending./.
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Customers buy fruit at Or Tor Kor market, Thailand. (Source: VNA) 
