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Finance Ministry expects 4.5% economic growth next year


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BANGKOK (NNT) - The Ministry of Finance is now projecting an economic rebound to 4.5% growth next year, with government investments serving as key drivers. The Minister of Finance says the government will focus more on inclusive growth next year, with no sectors left behind.

 

Minister of Finance Arkhom Termpittayapaisith has outlined the expectations for Thailand’s economic performance from the end of this year through 2022, as part of his special remarks delivered at the "Investment Minute" seminar organized by state-owned public broadcaster MCOT.

 

The Minister of Finance says Thailand’s economy this year would see only a 1.1-1.2% growth, with the border reopening for international visitors giving a positive push to economic and tourism recovery, along with the government’s stimulating measures to maintain domestic consumption.

 

For next year, the Ministry of Finance is projecting an economic growth of 3.5-4.5% from effective pandemic control measures, incentives, domestic spending, the export sector, private investment support, global economic recovery, and government expenditures.

 

Mr. Arkhom said the government’s 1 trillion baht infrastructure investments, which include metro lines construction, the Eastern Economic Corridor project, and the three-airport rail connector project, would help enhance the country’s competitiveness.

 

He said however the government’s economic management plan for next year will focus more on inclusivity, by ensuring growth from the bottom-up within the grassroots economy rather than focusing on any particular sector.

 

On the potential economic impacts from the Omicron COVID-19 variant of concern, the Minister of Finance said the situation should be closely monitored, as it remains unclear whether this new strain would cause more severe disease, or how effective available vaccines would be.

 

Stock markets across the world have responded unfavorably to the report of this new variant, with the Thai stock exchange today closing 20.92 points lower, reflecting the concerns investors have over the next phase of the pandemic.

 

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If they are predicting 4.5% growth then they are either overly cautious or know that TAT tourism forecast figures are completely away with the fairies. 

 

If Thailand somehow recaptures 10,000,000 tourists next year (4-8 million less than they are predicting) and of tourism really is 20% of GDP, then sure that 10 million would increase growth by 5% minimum alone. A 4% predicted rise in growth would indicate to me that the finance ministry is expecting way less than 3 or 4  million.

Edited by RichardColeman
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