Thailand's economy could grow as much as 4% this year, the fastest rate in five years, thanks to the recovery of the tourism sector and domestic consumption, Thai Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said on February 1.
Performers participate in a street parade celebrating the Songkran Festival in Ayutthaya, Thailand. (Photo: Xinhua/VNA)
Bangkok (VNA) – Thailand'seconomy could grow as much as 4% this year, the fastest rate in five years, thanksto the recovery of the tourism sector and domestic consumption, Thai DeputyPrime Minister and Energy Minister Supattanapong Punmeechaow said on February 1.
New investments are expected tomake a positive contribution to the country’s Gross Domestic Product (GDP), Supattanapong,who is in charge of economic affairs, told a seminar.
"The economy willdefinitely be better than last year despite some impact from energyprices," he said, adding that the economic situation is in recoveryand will soon return to normal.
Last week, the⛦ Thai FinanceMinistry maintained its economic growth outlook for 2023 at 3.8% but cut its 2022growth estimate to 3% from 3.4% as exports weakened.
Official GDP figures for 2022will be released by the Thai government on February 17.
Thailand's Joint Standing Committeeon Commerce, Industry and Banking (JSCCIB) said on February 1 that the Thaieconomy is still expected to expand 3-3.5% this year, unchanged from its previous forecast, as tourism picks up but exports slow.
A strong baht and a globalslowdown continue to🥃 pressure exports, the committee said, adding that theSoutheast Asian nation’s economy was estimated to grow 3.2% last year./.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Performers participate in a street parade celebrating the Songkran Festival in Ayutthaya, Thailand. (Photo: Xinhua/VNA) 
