Bangkok (VNA) – Thailand's Finance Ministry plans to revise its 2022 forecast for Thai economic growth next month, focusing on the impact of rising inflation and spiking energy prices, said a ministry source who requested anonymity.

According to Bangkok Post, the ministry is worried that the Russia-Ukraine war will affect its target for foreign tourist arrivals this year.

In January, the ministry projected 2022 economic growth in the range of 3.5-4.5 percent, with average growth of 4 percent, based on the assumption of rising domestic spending following an improvement in the global pandemic situation.

That month the ministry also forecast a 4.5 percent expansion in private consumption for 2022 and the arrival of 7 million foreign tourists. Exports are expected to post growth of 3.6 percent based on recovering global demand.

Thailand's exports surged by 16.2 percent year-on-year in February, which was higher than expected.

A joint research by the Thai National Economic and Social Development Council (NESDC), the Bank of Thailand and the Fiscal Policy Office (FPO) showed that Thailand’s economy may contract 3 percent if the crude oil price in Dubai stands at 150 USD per barrel.

Last month, the NESDC kept growth forecast of 3.5-4.5 percent for the Thai economy in 2022./.