Top business group retains 2022 GDP outlook despite Omicron

Top business group retains 2022 GDP outlook despite Omicron

FILE PHOTO: Supant Mongkolsuthree, chairman of Federation of Thai Industries (Photo supplied)
FILE PHOTO: Supant Mongkolsuthree, chairman of Federation of Thai Industries (Photo supplied)

Thailand’s leading joint business group on Wednesday said it has maintained its economic growth forecast at 3.0% to 4.5% this year, despite a rise in coronavirus infections driven by the Omicron variant.

While the virus outbreak had slowed economic activity early in the year, the overall impact is not expected to be severe, said the Joint Standing Committee on Commerce, Industry and Banking (JSCCBI). 

However, higher inflation is a concern since it could hit 3% in the first half and mean the economy expands less than expected, Federation of Thai Industries chairman Supant Mongkolsuthree told a news conference.

Headline inflation was at 2.17% in December.

The group is sticking to its forecast for foreign tourist arrivals of 5 million to 6 million this year, waiting to see the results of a resumption of a 'Test & Go' quarantine waiver, said Mr Supant, who is also head of the Federation of Thai Industries.

The figure compares with the nearly 40 million tourist arrivals recorded in 2019 before the pandemic. There were just about 428,000 foreign tourists in 2021. 

Do you like the content of this article?
COMMENT

Children lost for 40 days in Colombian Amazon found alive

BOGOTá: The four Indigenous children who had been missing for more than a month in the Colombian Amazon rainforest after a small plane crash have been found alive, President Gustavo Petro announced Friday.

08:50

El Niño fails to affect Thai food prices

The Internal Trade Department says the droughts caused by the El Niño weather phenomenon have yet to affect the prices of local goods.

08:15

Prayut urges action on 'Pattani State' call

Outgoing Prime Minister Prayut Chan-o-cha has told the National Security Council (NSC) to take action against a group of activists that called for a public referendum on whether there should be a Muslim "Pattani State" independent from Thailand.

07:32