Ministry of Finance of Thailand Maintains 2022 GDP Forecast as COVID Eases

Thailand’s Ministry of Finance on Friday maintained its 2022 economic growth forecast at 4.0%. However, the ministry trimmed export outlook for the year.

The ministry estimated growth for fiscal year of 2021 is at 1.2 % which is slightly revised up from previous forecast of 1.0%, Pornchai Theeravet, head of the ministry’s fiscal policy office, told a briefing.

Official gross domestic product (GDP) data is due to be released next month.

The expected better growth in 2021 was helped by higher than expected tourist arrivals late in the year, he said.

The ministry maintained forecast of foreign tourist arrivals at 7 million, but reduced its export projection to a 3.6per cent rise from a 3.8per cent increase, Pornchai said.