Finance chief says Thailand’s outlook this year is reachable

Finance minister Arkhom Termpittayapaisith expressed confidence that Thailand’s economic forecast for this year should still be achieved though it may not reach a forecast growth of 3.8% next year due to a global economic slowdown. Arkhom said slowing exports will not affect the ministry’s growth outlook of 3.4% for this year as the crucial tourism sector picks up pace. The finance ministry expects exports to rise 8.1% this year and increase 2.5% next year. The ministry sees 10.3 million foreign tourist arrivals in 2022 and 21.5 million in 2023. In pre-pandemic 2019, Thailand received 40 million foreign tourists. Arkhom said tourism is expected to continue growing despite signs of weakening exports. He added that Thailand’s fiscal position remained strong enough to withstand future risks.