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Thailand to revise economic forecast for 2022

Thailand's Finance Ministry plans to revise its 2022 forecast for Thai economic growth next month, focusing on the impact of rising inflation and spiking energy prices, said a ministry source who requested anonymity.
Bangkok (VNA) – Thailand's Finance Ministry plans to revise its 2022 forecast for Thai economic growth next month, focusing on the impact of rising inflation and spiking energy prices, said a ministry source who requested anonymity.

According to Bangkok Post, the ministry is worried that the Russia-Ukraine war will affect its target for foreign tourist arrivals this year.

In January, the ministry projected 2022 economic growth in the range of 3.5-4.5 percent, with average growth of 4 percent, based on the assumption of rising domestic spending following an improvement in the global pandemic situation.

That month the ministry also forecast a 4.5 percent expansion in private consumption for 2022 and the arrival of 7 million foreign tourists. Exports are expected to post growth of 3.6 percent based on recovering global demand.

Thailand's exports surged by 16.2 percent year-on-year in February, which was higher than expected.

A joint research by the Thai National Economic and Social Development Council (NESDC), the Bank of Thailand and the Fiscal Policy Office (FPO) showed that Thailand’s economy may contract 3 percent if the crude oil price in Dubai stands at 150 USD per barrel.

Last month, the NESDC kept growth forecast of 3.5-4.5 percent for the Thai economy in 2022./.
VNA
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