Sunday, November 27, 2022

Finance Ministry lowers 2022 growth forecast to 3.4%

The Finance Ministry cut its 2022 economic growth forecast to 3.4% from 3.5% previously, citing a recovery in private consumption and the vital tourism sector as the main drivers.

According to the ministry, economic growth will be 3.8% higher next year. The tourism-dependent country is expected to receive 10.3 million foreign visitors this year, up from the 8 million predicted three months ago, according to the ministry, which added that a weak baht was helping the tourism sector.

Exports, another key driver of Thai growth, are expected to rise 8.1% this year, up from 7.7% previously predicted.

The Thai economy is expected to grow by 4% next year, with more foreign currencies flowing into the country, according to a NNT report, as Thailand is expecting 8 million to 10 million foreign tourists this year according to Finance Ministry.

The Ministry of Finance is preparing to roll out a new set of economic stimuli before the end of this year, in line with the government’s tradition to introduce the so-called gift packages for the general public.

Read also Finance Ministry economic projections target 3.0 to 3.5% GDP growth – Thai News
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