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The Finance Ministry cut its 2022 economic growth forecast to 3.4% from 3.5% previously, citing a recovery in private consumption and the vital tourism sector as the main drivers.

According to the ministry, economic growth will be 3.8% higher next year. The tourism-dependent country is expected to receive 10.3 million foreign visitors this year, up from the 8 million predicted three months ago, according to the ministry, which added that a weak baht was helping the tourism sector.

In 2023, the number of foreign tourists is expected to reach 21.5 million, but prior to the pandemic, there were nearly 40 million foreign tourists in 2019.

Exports, another key driver of Thai growth, are expected to rise 8.1% this year, up from 7.7% previously predicted.

4% growth expected in 2023

The Thai economy is expected to grow by 4% next year, with more foreign currencies flowing into the country, according to a NNT report, as Thailand is expecting 8 million to 10 million foreign tourists this year according to Finance Ministry.

New set of economic stimuli

The Ministry of Finance is preparing to roll out a new set of economic stimuli before the end of this year, in line with the government’s tradition to introduce the so-called gift packages for the general public.

Read also Finance Ministry economic projections target 3.0 to 3.5% GDP growth – Thai News
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