Thailand’s finance ministry keeps 2022 GDP outlook at 4% growth

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BANGKOK, Jan 28 (Reuters) – Thailand’s finance ministry on Friday maintained its forecast for economic growth at 4.0 percent for 2022 but downgraded its export outlook for the year, officials said.

For 2021, the ministry estimated growth at 1.2 percent, up slightly from the 1.0 percent previously forecast, Pornchai Theeravet, head of the ministry’s fiscal policy office, told a press briefing. .

Official gross domestic product (GDP) data is expected to be released next month.

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The better growth expected in 2021 was helped by higher than expected tourist arrivals at the end of the year, he said.

For 2022, the ministry maintained its forecast for foreign tourist arrivals at 7 million, but cut its export forecast to a rise of 3.6% from a rise of 3.8%, Pornchai said.

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

Spending by foreign tourists typically accounts for 12% of Thailand’s GDP.

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

Our standards: The Thomson Reuters Trust Principles.

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