The Thai Chamber of Commerce University’s Economic Forecasting Center now expects the Thai economy to grow 1.5% this year, due to various government measures to stimulate the economy.
Thai Chamber of Commerce University President Thanavath Phonvichai, who is the chief adviser of the university’s Economic and Business Forecasting Center (CEBF), said the Thai economy has already gone from its point of view. lowest and was starting to recover. He said the recovery is expected to be clearly seen in the second quarter of 2022.
200,000 to 300,000 foreign tourists now expected
Dr Thanavath noted that the number of COVID-19 infections did not tend to increase despite the easing of Covid restriction measures and the reopening of the country to international tourists. 200,000 to 300,000 foreign tourists were now expected to enter Thailand this year and contribute around 12 billion baht in revenue.
He also took note of the flow of money attributable to government measures aimed at stimulating the economy, namely the Shop Dee Mee Khuen tax-free program and the Co-pay subsidized purchase campaign. He explained that the aforementioned contributors, taken into consideration with revenues from the export sector, which is expected to increase by 16.5% this year, meant the Thai economy will grow by 1.5% in 2021.
Thailand’s GDP to grow 4.2% in 2022
Dr Thanavath predicted that GDP would grow by 4.2% in 2022, in a range of 3.6 to 4.5%. Growth would become more apparent in the second half of 2022 when the industrial sector has recovered. About 5 million foreign tourists are expected to arrive in 2022, generating around 300 billion baht for the economy and benefiting employment in the manufacturing and service sectors. At the same time, exports are expected to grow only 5.4% in 2022 due to the high base value in 2021.
The president of the UTCC suggested that the government continue to take measures to stimulate the economy and use at least 500 billion baht of funds for this purpose in the first half of 2022. are expected to be provided to program participants in order to stimulate the economy in the first quarter.
Information and sources
Reporter: Namo Vananupong
Rewriter: Thammarat Thadaphrom
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