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Thai finance ministry keeps 2022 GDP outlook at 4per cent growth

Thai finance ministry keeps 2022 GDP outlook at 4per cent growth

FILE PHOTO: Shipping containers stand at a port in Bangkok, Thailand, March 25, 2016. REUTERS/Athit Perawongmetha

BANGKOK : Thailand's finance ministry on Friday maintained its 2022 economic growth forecast at 4.0per cent, but trimmed its export outlook for the year, officials said.

For 2021, the ministry estimated growth at 1.2per cent, slightly up from the 1.0per cent previously projected, 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.

For 2022, the ministry maintained its forecast for 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.

Last year, there were about 428,000 foreign arrivals. That compares to nearly 40 million in 2019 before the pandemic struck.

Foreign tourist spending generally accounts for 12per cent of Thailand's GDP.

(Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Martin Petty)

Source: Reuters

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