Thailand’s economy projected to grow 2.8-3.7 pct in 2022 hinh anh 1In Phuket, Thailand (Photo: AFP)

Bangkok (VNA) – Thailand’s economy is expected to recover in 2022, growing 2.8-3.7 percent, depending mostly on the severity of the Omicron variant, according to Kasikorn Research Centre (K-Research).

Bangkok Post quoted Nattaporn Triratanasirikul, K-Research deputy managing director, saying that more stringent travel restrictions and hygiene measures adopted by various countries, including border closures, reflect global anxiety regarding the severity of the new coronavirus variant.

K-Research projected two scenarios assuming the spread of the Omicron strain will subside by the end of the first quarter of 2022 and the government will not tap additional off-budget borrowing.

If the Omicron variant spreads rapidly but proves less severe than the Delta strain, and COVID-19 vaccines now available are effective in curbing severe illness, Thailand may not be required to re-impose lockdown measures.

Under this scenario, the Thai economy may remain on a recovery path and grow 3.7 percent in 2022, supported by exports, a rebound in household spending and improved tourism by the end of 2022.

In the worst-case scenario, Thailand's economic growth is projected to tally only 2.8 percent in 2022. This projection assumes the impact of the Omicron variant proves as severe as that of the Delta variant, and the efficacy of existing vaccines drops substantially.

Nattaporn said K-Research gives the most weight to the first case.

Meanwhile, Thai Government Spokesperson Thanakorn Wangboonkongchana recently said that Thailand is on track to achieve an economic growth of around 1.2 percent this year, and is likely to grow by 3.5 - 4 percent next year./.