SCB EIC upgrades Thailand’s economic growth projection for 2022 to 2.9 percent from 2.7 percent on the back of an improvement in service and tourism sectors after Thailand and most countries across the globe eased the travel restrictions.
The SCB Economic Intelligence Center (EIC) estimated foreign arrivals at 7.4 million in 2022, up from the previous forecast of 5.7 million, and Thailand continues to see a steady recovery in domestic activity following a successful vaccination campaign and the relaxation of Covid-19 restrictions.
The agriculture sector will play a key role in bolstering economic growth this year, as the sector has a bright prospect for growth and selling prices are now on rising, in accordance with global pricing amid Western sanctions against Russia.
Given the escalation of tensions between Russia and Ukraine and soaring prices, SCB EIC has reduced its projection for world economic growth from 5.7% to 3.2%.
