BANGKOK (Reuters) – Thailand’s finance ministry on Friday maintained its 2022 economic growth forecast at 4.0%, but trimmed its export outlook for the year, officials said.
For 2021, the ministry estimated growth at 1.2%, slightly up from the 1.0% previously projected, Pornchai Theeravet, head of the ministry’s fiscal policy office, told a briefing.
Official gross domestic product (GDP) data is due to be released next month.
The expected better growth in 2021 was helped by higher than expected tourist arrivals late in the year, he said.
For 2022, the ministry maintained its forecast for foreign tourist arrivals at 7 million, but reduced its export projection to a 3.6% rise from a 3.8% increase, Pornchai said.
Last year, there were about 428,000 foreign arrivals. That compares to nearly 40 million in 2019 before the pandemic struck.
Foreign tourist spending generally accounts for 12% of Thailand’s GDP.
(Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Martin Petty)
