Image: Reuters Berita 24 English - Bangkok The national planning office predicted on Wednesday that Thailand's economy will expand by 3%...
 |
| Image: Reuters |
Berita 24 English - Bangkok The national planning office predicted on Wednesday that Thailand's economy will expand by 3% this year and 3.7% the next year, supported by exports, higher domestic demand, and a rebound in tourism.
Danucha Pichayanan, head of the National Economic and Social Development Council, told a business seminar that exports, a crucial factor in growth, were still in motion despite the impact of Russia's invasion of Ukraine on the world economy.
Danucha stated that while the Russia-Ukraine problem poses a risk, it also presents an opportunity, such as for food (exports).
The crucial tourism industry, which is anticipated to welcome 7 million to 10 million international visitors this year, will also boost Southeast Asia's second-largest economy, he said.
In contrast, there were roughly 40 million foreign visitors prior to the epidemic in 2019 and approximately 428,000 last year.
Manufacturers have not passed on prices to customers that much, despite inflation reaching its highest level in more than 14 years in May, according to Danucha.
Prices have been slowed down by government price controls on necessities and other methods to deal with rising oil prices.
Separately, Fitch https://www.fitchratings.com/research/sovereigns/fitch-affirms-thailand-at-bbb-outlook-stable-21-06-2022 According to ratings, the Thai economy would expand by 3.2% this year and 4.5% the following year, with 6.5 million and 22 million foreign tourists expected to visit the country, respectively.
According to Jeremy Zook, a director at Fitch Ratings, tourism inflows will also aid in bolstering the weakened baht. In terms of the dollar, the Thai baht was trading at its lowest level in more than five years.
