Thai economy forecast to pick up in 2022 after reopening
The Fiscal Policy Office (FPO) of Thailand forecast this country’s economy will pick up next year at 4 percent as the pandemic situation is expected to improve and the country reopens on November 1.
Tourists rest on a beach in Phuket of Thailand on October 28 (Photo: AFP/VNA)
Bangkok (VNA) - The FiscalPolicy Office (FPO) of Thailand forecast this country’s economy will pick upnext year at 4 percent as the pandemic situation is expected to improve and thecountry reopens on November 1.
However,the FPO has downgraded its forecast for Thailand’s economic growth this year toan average 1 percent from the previously predicted 1.3 percent, mainly driven bythe COVID-19 resurgence in April, which severely impacted the country in thethird quarter.
Director-General of the office PornchaiThiraveja said Thailand's economy this year is set to expand in the range of0.5 - 1.5 percent.
The FPO estimated an economiccontraction of 3.5 percent in Q3 this year, due to the resurgence ofinfections. It projected economic expansion of 3 percent in Q4 after thecountry's reopening.
The number of international touristarrivals in Thailand is expected to reach 180,000 this year, of which 80,000has been achieved. Around 100,000 foreign tourists are expected to visit thecountry after November 1, according to the FPO.
Earlier, Kasikorn Research Centre (KResearch) had upgraded its 2021 economic growth projection for Thailand to anexpansion of 0.2 percent from the previously forecast 0.5-percent contraction.It issued a growth projection of 3.7 percent for 2022.
Last year, the Thai economy shrank6.1 percent following a collapse of the tourism industry as a result of theCOVID-19 pandemic./.
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Tourists rest on a beach in Phuket of Thailand on October 28 (Photo: AFP/VNA) 
