The Kasikorn Research Center updated Thailand’s 2022 growth forecast up to 2.9 percent as the economy performed better than anticipated in the first quarter despite the expiration of most government relief measures and a growing trade deficit.
Thailand’s gross domestic product, a major indicator of economic activity, is expected to expand by 2.9 percent this year, up from a previous projection of 2.5 percentage growth, as the tourism sector, one of the country’s key economic engines, shows signs of improvement.
KResearch suggested the tourism sector as a main contributor to economic growth this year, and the Center has revised its forecast for international tourists in 2022 up to 7.2 million versus previous projection at 4 million. As a result of the lifting of Covid-19 restrictions, such as the Test & Go scheme and the Thailand Pass system, after the pandemic situation in many countries improved.
Tourism revenue from both Thai and foreign travelers is anticipated to reach THB1.1 trillion.
In 2022, it is expected that exports will grow by 7.8 percent and imports will grow by 14.5 percent.
Meanwhile, the Thai baht is projected to fall further against the US dollar over the next 1-2 months as the US economic condition and interest rates are pushing the currency stronger.
