Finance Ministry lowers 2022 growth forecast to 3.4%

The Finance Ministry cut its 2022 economic growth forecast to 3.4% from 3.5% previously, citing a recovery in private consumption and the vital tourism sector as the main drivers.

According to the ministry, economic growth will be 3.8% higher next year. The tourism-dependent country is expected to receive 10.3 million foreign visitors this year, up from the 8 million predicted three months ago, according to the ministry, which added that a weak baht was helping the tourism sector.

In 2023, the number of foreign tourists is expected to reach 21.5 million, but prior to the pandemic, there were nearly 40 million foreign tourists in 2019.

Exports, another key driver of Thai growth, are expected to rise 8.1% this year, up from 7.7% previously predicted.

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Read also Finance Ministry economic projections target 3.0 to 3.5% GDP growth – Thai News
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