Thai Economic Growth for 2H22 Expected at 3-3.5%: Finance Ministry

The Thai Ministry of Finance revealed on Wednesday that it expects gross domestic product (GDP) growth for the second half of this year to be between 3 and 3.5 percent, thanks to a boost in export and tourism sectors. 

According to Finance Minister Arkhom Termpittayapaisith, the Thai economy is expected to grow 3-3.5 percent in the second half on the back of estimated foreign arrivals of 8-10 million this year, accounting for one-quarter before the Covid-19 pandemic, plus a steady growth in exports.

The government expects Thailand’s exports to expand at not less than 10%, compared to a 7% target.

Domestic spending is also a major contributor to growth, even with inflationary pressures on the rise. Inflation is forecast to decrease in 2023, according to finance officials.

Mr. Arkhom added that the suspension of Thai Prime Minister Prayut Chan-o-cha by the court does not appear to have had a significant impact on the Thai economy.