Thailand
Arkhom upbeat on Thai growth outlook of 3.5%
Thailand’s economy could grow by 3.5% this year, depending on how the tourism and export sectors perform in the second half, says Finance Minister Arkhom Termpittayapaisith.
He made the remark on Wednesday on the sidelines of the Thailand Focus 2022 event, hosted by the Stock Exchange of Thailand.
Many economic researchers, including the World Bank and International Monetary Fund, project Thai economic expansion of around 3% this year, and potentially up to 3.5%, Mr Arkhom said.
Thailand posted GDP growth of 2.5% in the first half of this year.
The Thai National Shippers’ Council forecasts export growth of 7% this year, but Mr Arkhom wants the sector to aim for 10% expansion.
The export sector grew by 20% in 2021, and 12% in the first half of this year. The currently weak baht is one of the factors beneficial to the sector, Mr Arkhom said.
Thailand expects 8-10 million foreign travellers this year, roughly a quarter of the tally in 2019.
He said the budget for fiscal 2023, totalling 3.18 trillion baht, would be another key driver of economic growth. Mr Arkhom expects the disbursement of a quarter of this budget during October to December this year, which are the first three months of fiscal 2023.
The finance minister expects inflation to peak in the third quarter of 2022 before gradually declining.
He said Thailand still has a strong fiscal status and the ratio of public debt to GDP is 61%, still lower than the 70% ceiling.
Source: https://www.bangkokpost.com/business/2376488/arkhom-upbeat-on-thai-growth-outlook-of-3-5-