Thai per capita income starting to recover after Covid crisis
The average per capita income of Thai people is starting to recover to pre-Covid levels after a marginal slide during the pandemic, according to data from the National Economic and Social Development Council (NESDC).
The NESDC announced on Monday that Thailand’s gross domestic product (GDP) expanded by 1.9 per cent in the fourth quarter of 2021, while GDP for the year grew 1.6 per cent.
The NESDC estimates that the Thai economy will expand within the range of 3.5 - 4.5 per cent, or about 4 per cent this year.
The agency said a study of the per capita income of Thai people was particularly interesting, especially during the pandemic.
In 2019, the income per capita was 243,705 baht per person per year, while in 2020, it fell to 224,962 baht, and in 2021, it was 232,176 baht, an improvement over the previous year but down 11,529 from the pre-Covid year.
In 2022, the income per capita is estimated at 244,838 baht per person per year, marginally ahead of the pre-Covid figure.
When the data for 2020 and 2021 are compared, the difference is only about 7,214 baht per person per year, the NESDC said.
The estimate for 2022 exceeds the previous year’s actual figure by 12,662 baht per person per year.
Factors that will help support the Thai economy in 2022 are recovery of domestic demand, recovery of the tourism sector, state investment, continued expansion of merchandise exports in line with economic recovery and world trade volumes, the NESDC said.