Finance Ministry trims GDP growth outlook to 3.4%

Finance Ministry trims GDP growth outlook to 3.4%

The Finance Ministry on Friday trimmed its 2022 economic growth outlook to 3.4% from 3.5% projected earlier, with the main drivers being a recovery in private consumption and the crucial tourism sector, Fiscal Policy Office (FPO) director-general Pornchai Thiraveja said.

The ministry predicts higher economic growth of 3.8% next year, Mr Pornchai 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, he said, adding a weak baht was helping the tourism sector.

The FPO chief said toreign tourist numbers are projected at 21.5 million in 2023. There were nearly 40 million foreign tourists in 2019 before the Covid-19 pandemic, and their spending was estimated at 1.91 trillion baht (US$50.64 billion). 

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

Headline inflation slowed in September at 6.41%. However, it remained well above the central bank's target range of 1-3%.

The ministry projects headline inflation of 6.2% this year, down from a previous forecast of 6.5%, and sees inflation of 2.9% next year.


Do you like the content of this article?
COMMENT

New Czech president expected to foster EU, Ukraine ties

PRAGUE: Newly-elected Czech president Petr Pavel, a former NATO general, will promote close ties with the European Union and offer firm support for Ukraine in the face of the Russian invasion, analysts said.

29 Jan 2023

Indonesian leprosy survivor crafts new limbs for shunned villagers

When Ali Saga visited a clinic in Jakarta four decades ago, he watched as patients and health workers scrambled to get away from him.

29 Jan 2023

At least 51 killed in twin Pakistan transport tragedies

At least 51 people were killed in two separate transport accidents in western Pakistan on Sunday, when a bus plunged off a bridge and a boat carrying a class of children capsized.

29 Jan 2023