Thailand Cuts 2022 GDP Outlook Over Russia-Ukraine War

[webfact]

 

by Natthaphon Sangpolsit

    

BANGKOK (NNT) - Thailand has reduced its 2022 economic growth forecast to 3.5% from a previous forecast of 4.0%, due to the impact of the Russia-Ukraine war on global growth and inflation.

 

Pornchai Theeravet, head of the fiscal policy office under the Ministry of Finance, nevertheless told a news conference that the Thai economy will still be supported by higher domestic spending and a recovery in tourism, as well as exports.

 

Pornchai said, "The economy is still growing, accelerating from last year’s 1.6% growth, but there remain risk factors." He added that the ministry is prepared to take fiscal and monetary measures to ensure continued and broad-based economic recovery."

 

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The ministry now expects exports - a key driver of Thai growth - to rise 6.0% this year, up from the 3.6% previously projected.

 

The tourism-dependent country is on track to receive 6.1 million foreign visitors this year, but below the 7 million projected earlier due partly to the impact of China’s travel restrictions and the Ukraine conflict on Russian tourist numbers.

 

Predicted tourist numbers would be far short of the nearly 40 million visitors during 2019, but a substantial improvement on the 428,000 foreign tourist arrivals in 2021.

 

The tourism industry generally accounts for about 12% of gross domestic product.

 

-- © Copyright NNT 2022-04-30

 

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[Mavideol]

wishful thinking and as always dreaming... with so many mistakes/wrong decisions and hurdles they can not avoid no way they will reach 2% thus their revised 3.5 it's an impossible task

[John Drake]

3 hours ago, webfact said:

as well as exports.

Only if the baht is allowed to sink more against the dollar.

[hotchilli]

4 hours ago, webfact said:

Thailand has reduced its 2022 economic growth forecast to 3.5% from a previous forecast of 4.0%, due to the impact of the Russia-Ukraine war on global growth and inflation.

Might as-well blame that as anything else.

[Mavideol]

1 hour ago, John Drake said:

Only if the baht is allowed to sink more against the dollar.

nahhhh middle week it was 34.44 against the dollar today, now,  is back at 34.20, no way it will sink, the only thing it may sink here are their subs  555

[Cake Monster]

Thailand is always cutting its GDP and other monitory factors on excuses from outside influences on the Country.

In this case its the Russian invasion of Ukraine.

Not at any time do they blame the reductions on GDP on internal factors within the Country.

Things such as an artificially high Baht, reduction in foreign Investment, and what appears to be out of control Inflation.

[StayinThailand2much]

Nice try, blaming a war that takes place  7,200km away, for gross misjudgments and economic mismanagement, despite the fact that arrivals from Russia and Ukraine made up only a small percentage of Thailand's tourist numbers in the past. 

Edited April 30, 2022 by StayinThailand2much

[Pouatchee]

17 hours ago, Mavideol said:

middle week it was 34.44 against the dollar today, now,  is back at 34.20

You probably get those numbers from xe.com. The most accurate and realistic is the Krungsri bank currency exchange webpage. When I withdraw money my numbers are always close to a bht with their listing and currently (and all last week) their quotes were in the 33 bht to the dollar. Nowhere near 34 -ish