Security analysts unanimously agreed to trim Thailand’s 2022 economic growth prediction to 3.09 percent due to concerns over the ongoing omicron outbreak, the Ukraine war, and rising energy prices that are slowing down the global recovery, according to a survey compiled by the Federation of Thai Capital Market Organizations (FETCO).
The outlook for Thailand’s GDP growth for the full year of 2022 has been revised down from 3.71 percent in January to 3.09 percent in March as the Russian invasion of Ukraine and the COVID-19 omicron variant outbreak have shaked prospects for global economic recovery.
FETCO chairman Paiboon Nalinthrangkurn, however, said that 3.09 percent growth rate remains acceptable and that the forecast may be revised upward in the second half of the year if the tourism industry rebounds. And if tourism continues to bounce back at its current rate, Thailand’s economy is likely to expand by more than 4 percent next year.
