The Office of the National Economic and Social Development Council (NESDC) said on Wednesday that Thailand’s economic growth outlook for 2022 will be no less than 3.0 percent, owing to an improvement in international tourist arrivals after Thailand reopened the border in May.
Thai economy in 2022 is estimated to expand in the range of 2.5-3.5 percent, mainly supported by the continual expansion of exports, particularly food products, and Thailand’s reopening.
Thailand has welcomed 2 million tourists in the past five months. The country has set a target of 7-10 million international visitors by year end 2022.
For 2023, NESDC forecasts Thailand’s GDP growth rate of 3.7 percent, which is lower than the projections of other economists, who anticipate the country’s economy expanding by 4.3-4.5 percent.
The recovery of domestic spending, exports, and the tourism industry are all key growth drivers for 2022. However, there are still concerns due to the global economic slowdown spurred by inflation and the Russian invasion of Ukraine since the beginning of the year.
The annual inflation rate in Thailand rose to 7.1% in May 2022 from 4.65% in the previous month.