Jump to content

Finance Min retains 2022 GDP growth projection at 3.5%


webfact
 Share

Recommended Posts

image.jpeg

 

by Namo Vananupong

    

BANGKOK (NNT) - The recovery of the tourism sector is expected to continue, with state agencies now expecting an international arrival figure of about 8 million this year. This has compelled the Ministry of Finance to retain its GDP growth forecast of 3.5% for 2022.

 

The Fiscal Policy Office (FPO) indicates that rising farmers’ income will support a recovery in consumption. FPO Director-General Pornchai Thiraveja said this will be a positive factor on top of the tourism sector’s continual recovery. Private sector consumption is expected to grow by 4.8% and private sector investment by 5.7%.

 

The value of exports is predicted to expand by 7.7%. Inflation is expected to grow to 6.5% due to heightened energy prices. Mr. Pornchai said that owing to these factors, the Ministry of Finance is keeping its GDP growth projection for 2022 at 3.5%.

 

He said one risk factor that may impact the Thai economy going forward is the Russia-Ukraine conflict and its effects on energy and commodity prices. Another is the volatility in the global financial market resulting from many central banks’ tightening of their monetary policy.

 

This is especially true with the US Federal Reserve’s policy rate hike to suppress inflation. Uncertainties presented by the COVID-19 situation could also cause slowdowns in the economies of Thailand’s trading partners.

 

 

nnt.jpg
-- © Copyright NNT 2022-07-27
 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more!

  • Haha 1
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...