Thailand Ministry of Finance keeps 2022 GDP outlook at 4% growth

ONEdds tourism, export forecasts from paragraph 2

BANGKOK, Jan 28 (Reuters)Thailand’s Finance Ministry on Friday kept its economic growth forecast for 2022 at 4.0% but trimmed its export outlook for the year, officials said.

For 2021, the ministry estimated growth at 1.2%, slightly higher than the 1.0% previously forecast, Pornchai Theeravet, head of the ministry’s office of fiscal policy, said at a briefing.

Official gross domestic product (GDP) data is due to be released next month.

Expected better growth in 2021 was helped by higher-than-expected tourist arrivals later in the year, he said.

For 2022, the ministry kept its forecast for foreign tourist arrivals at 7 million but cut its export forecast to a 3.6% increase from 3.8%, Pornchai said.

Last year there were about 428,000 foreign arrivals. This compares to almost 40 million in 2019 before the pandemic struck.

In general, foreign tourist spending accounts for 12% of Thailand’s GDP.

(Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Martin Petty)

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