The Ministry of Finance is maintaining its economic growth outlook for 2023 at 3.8%, helped by a rebound in tourism and domestic demand, but exports are still expected to slow down this year.
Pornchai Thiraveja, head of the ministry’s fiscal policy office, told a briefing that the Thai economy likely expanded 3.0% in 2022, down from a previous forecast of 3.4%, as exports, public investment and private consumption slowed.
Official gross domestic product (GDP) figures for 2022 are due to be released next month. In 2021, GDP grew 1.5%, among the lowest rates in the region.
Pornchai also noted that the tourism sector has been picking up steadily as the world relaxes international travel measures.
The tourism sector started rebounding last year with 11.15 million foreign tourist arrivals.