While the tourism industry and exports continue to improve, the Finance Ministry on Friday has lowered its projections for economic growth in Thailand this year to 3.4%, down 0.1% from their prior figure.
The finance official trimmed Thailand’s GDP forecast to 3.4% this year and 3.8% next year, citing weaker investment in key industries, particularly construction, as inflation drove up materials and costs.
Export growth is expected to accelerate to 8.1% this year before falling to 2.5% in 2023, said the Finance Ministry.
The ministry has also raised its prediction for international arrivals in 2022 to 10.3 million, expecting them to generate over THB490 billion in income thanks to the sector’s continued recovery. The number of foreign visitors is expected to reach 21.5 million in 2023, as Chinese tourists return.
Inflation is expected to hit 6.2% this year before falling to 2.9% the following year.
