Performers participate in a street parade celebrating the Songkran Festival in Ayutthaya, Thailand. (Photo: Xinhua/VNA) Bangkok (VNA) – Thailand's economy could grow as much as 4% this year, the fastest rate in five years, thanks to the recovery of the tourism sector and domestic consumption, Thai Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said on February 1.
New investments are expected to make a positive contribution to the country’s Gross Domestic Product (GDP), Supattanapong, who is in charge of economic affairs, told a seminar.
"The economy will definitely be better than last year despite some impact from energy prices," he said, adding that the economic situation is in recovery and will soon return to normal.
Last week, the Thai Finance Ministry maintained its economic growth outlook for 2023 at 3.8% but cut its 2022 growth estimate to 3% from 3.4% as exports weakened.
Official GDP figures for 2022 will be released by the Thai government on February 17.
Thailand's Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) said on February 1 that the Thai economy is still expected to expand 3-3.5% this year, unchanged from its previous forecast, as tourism picks up but exports slow.
A strong baht and a global slowdown continue to pressure exports, the committee said, adding that the Southeast Asian nation’s economy was estimated to grow 3.2% last year./.
