Thai finance ministry trims 2022 GDP growth outlook to 3.4%

THAILAND’S finance ministry on Friday trimmed its 2022 economic growth outlook to 3.4 per cent from 3.5 per cent projected earlier, with the main drivers being a recovery in private consumption and the crucial tourism sector, officials said.

The ministry predicts higher economic growth of 3.8 per cent next year, it said.

The tourism-reliant country is expected to receive 10.3 million foreign arrivals this year, up from the 8 million projected three months ago, the ministry said, adding a weak baht was helping the tourism sector.

Foreign tourist numbers are projected at 21.5 million in 2023. There were nearly 40 million foreign tourists in 2019 before the pandemic.

The ministry now expects exports, another key driver of Thai growth, will rise 8.1 per cent this year, up from the 7.7 per cent increase previously forecast, and shipments should rise 2.5 per cent next year. REUTERS