Finance Ministry cuts 2022 GDP outlook over Ukraine war
The Finance Ministry on Wednesday reduced its 2022 economic growth forecast to 3.5% from a previous forecast of 4.0%, due to the impact of the Russia-Ukraine war on global growth and inflation, a ministry official said.
Southeast Asia's second-largest economy, however, will still be supported by higher domestic spending and a recovery in tourism, as well as exports, Pornchai Theeravet, head of the Fiscal Policy Office, told a news conference.
"The economy is still growing, accelerating from last year's 1.6% growth, but there remain risk factors," he said,
"The ministry is ready to take appropriate fiscal and monetary measures to ensure continued and broad-based economic recovery," he added.
The ministry now expects exports, a key driver of Thai growth, will rise 6.0% this year, up from the 3.6% previously projected, he said.
The tourism-dependent country is on track to receive 6.1 million foreign visitors this year, but below the 7 million projected earlier due partly to the impact of the Ukraine conflict on Russian tourist numbers and China's travel restrictions. Read More…
