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).

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 Thai economy, in addition to exports, said Yol.

The nation’s retail industry grew by 2-3 times the GDP rate over the past years, but was hit hard during the COVID-19 outbreaks when many countries closed their borders.

To stimulate the expansion of the market and overall economic growth, TRA is calling on the government to enact more measures and incentives for the retail and service sectors.

The government is also being urged to promote Phuket as a tax-free province to beef up foreign tourists’ spending./.

Source: Vietnam News Agency