Foreign tourists walk along the popular Khaosan Road in Bangkok on May 17, 2022. Thailand’s economy grew 2.2 percent in the first quarter following an export and tourism boost after the relaxation of pandemic entry restrictions, the kingdom’s main economic agency said May 17. Lillian SUWANRUMPHA / AFP

 

The National Economic and Social Development Council (NESDC) has decided to cut Thailand’s gross domestic product (GDP) growth projection for 2022 to between 2.5% and 3.5%, or an average of 3%, from earlier projection of between 3.5% and 4.5%, due to uncertainties over the conflict in Ukraine, according to NESDC Secretary-General Danucha Pichayanan.

 

Danucha said, however, that growth in the first quarter of this year was 2.2%, thanks to the easing of lockdown measures and the resumption of various economic activities, with consumption and exports expanding 3.9% and 10.2% respectively, but construction activity reduced by 5.5%.

 

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He added that the NESDC has been closely monitoring the situation in Ukraine, which has affected the energy and production sectors, especially fertilizer and wheat, the prices of which have jumped up.

 

Full Story: https://www.thaipbsworld.com/thailands-gdp-growth-2022-projection-cut-to-3-2-2-recorded-for-q1/

 

-- © Copyright Thai PBS 2022-05-17

 

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It's not just the uncertainty from the Ukraine conflict. Can't these folks think outside of what feces is being fed to them....

6 minutes ago, ThailandRyan said:

It's not just the uncertainty from the Ukraine conflict. Can't these folks think outside of what feces is being fed to them....

Would love to hear your thoughts. 

8 minutes ago, Eric Loh said:

Would love to hear your thoughts. 

Think about where they  export to and import from, then start to think about why certain items from the US, Europe or even China are getting hard to source such as food products. Why is it becoming hard for exporters as well as importers. It's global not just from Ukraine or Russia.

Optimistic thinking if they believe GDP will average 3% for the year 22. Two quarters are nearly over so to get the icrease they are looking for in the next six months is probably pie in the sky. These figures can only help to bring the baht back from its proped up value.

14 hours ago, snoop1130 said:

The National Economic and Social Development Council (NESDC) has decided to cut Thailand’s gross domestic product (GDP) growth projection for 2022 to between 2.5% and 3.5%, or an average of 3%, from earlier projection of between 3.5% and 4.5%, due to uncertainties over the conflict in Ukraine, according to NESDC Secretary-General Danucha Pichayanan.

Thailand has a strange idea that the world will open up and things will return to Pre-Covid level immediately.

Things are going to be steady for a long time yet while people wait to see what happens globally, lots of people are still suffering financially, not investing or thinking about holidays.

Also inflation will stall any fast increases.