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

Cuba offers medical scholarships for Thais

Cuba has offered 3,000 scholarships for Thai students nationwide to attend medical schools in Cuba, starting with 1,000 from southern border provinces where medical personnel are needed, Deputy Prime Minister Prawit Wongsuwon said on Wednesday.

13:57

Rebels take New Zealand pilot hostage in Indonesia

JAKARTA: Separatists in Indonesia's breakaway eastern region of Papua have taken a New Zealand pilot hostage after attacking a small passenger plane and setting it on fire at an airport in a remote mountainous area, officials and a rebel group said.

11:50

Pursuing policeman shot dead by motorcyclist

A fleeing motorcyclist shot dead a pursuing policeman in Pak Chong district of Nakhon Ratchasima on Tuesday night.

11:45