Thailand’s finance ministry sees economic growth of 3.0-3.5% this year

THAILAND’S should see economic growth of 3 to 3.5 per cent this year, driven by the key export and tourism sectors, finance minister Arkhom Termpittayapaisith said in an interview on Wednesday. Arkhom, who was speaking on the sidelines of a meeting of finance ministers from the Asia-Pacific region Apec, said the economy was expected to grow 3.7 per cent next year and the baht’s performance was in line with regional peers.

The Thai currency has been hovering at a 16-year low against the dollar. It has depreciated about 12 per cent against the greenback so far this year.

South-east Asia’s second-largest economy is expected to return to its pre-pandemic levels late this year or early next, the central bank predicts, lagging neighbours as tourism has only begun to recover.

Last year’s economic growth of 1.5 per cent was among the slowest in the region.

In the April-June period, the economy grew 2.5 per cent from a year earlier and expanded 0.7 per cent from the previous quarter.

Arkhom on Wednesday said Thailand was expecting 8-10 million foreign tourists this year. REUTERS