FPO keeps Thailand’s GDP growth for 2022 at 3.5% as recovery continues on track

Thailand’s Fiscal Policy Office maintains its GDP growth forecast for the year 2022 at 3.5 percent as domestic economic activity and the tourism sector are on the path to recovery.

The Thai economy is expected to grow at a rate of 3.5 percent this year (within a range of 3.0 – 4.0 percent), as domestic demand and tourism sector are recovering, which has seen most entry restrictions eased and the Thailand Pass registration for international tourists has been scrapped from 1 July 2022.

According to Pornchai Thiraveja, director-general of the Fiscal Policy Office, this leads to an increase in household income and tourism-related economic sectors.

However, the impact of the Russian-Ukrainian conflict and the monetary policies of the world’s leading economies should still be closely monitored.