Thailand's economy forecast to grow by 2.7-3.5% in 2022
The Thai economy is still expected to grow 2.75% to 3.5% this year, helped by increased exports, more tourists, and government support, but faces rising inflationary pressures, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has said.
Tourists visit a temple in Chiang Mai, Thailand. (Photo: AFP/VNA)
Bangkok (VNA) - The Thai economy is still expected to grow 2.75% to 3.5% this year, helped by increased exports, more tourists, and government support, but faces rising inflationary pressures, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has said.
According to JSCCIB, exports are expected to increase 6% to 8% this year, up from a previous forecast of 5%-7%. JSCCIB sees 7-8 million foreign tourist arrivals this year, compared with nearly 40 million in 2019.
It forecast headline inflation of 5.5%-7% this year, above the central bank’s target range of 1%-3%.
Earlier, speaking after the Government meeting on August 2, Thai Prime Minister Prayut Chan-o-cha affirmed that the country's macroeconomic situation has a positive trend and forecast that Thailand may reach an economic growth of 3.3% in 2022 and 4.2% in 2023.
The Thai PM affirmed that the country's financial situation is very stable and strong thanks to prudent and disciplined monetary and fiscal policies, reflecting the growing interest of foreign investors in Thailand.
According to Prayut, private consumption and the purchasing power of high-income people are recovering in the second half of this year, along with the recovery in the number of international tourists.
🌠 The number of international visitors to Thailand in 2022 is forecast to reach 6 million, higher than the previous forecast of 5.6 million. In 2023, the figure is expected to hit 19 million, equaling 50% of 2019- the period before the outbreak of COVID-19./.
Thailand’s economy improved in June and the momentum is expected to continue into the second half of 2022 thanks to increased tourism and domestic consumption as pandemic curbs eased.
Thailand recorded 3.12 million foreign tourist arrivals in the first seven months of 2022 as the country has removed most travel restrictions imposed earlier to curb the spread of COVID-19.
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Tourists visit a temple in Chiang Mai, Thailand. (Photo: AFP/VNA) 
