Economic goals of Thailand achievable only with increase in tourists
2022.12.27 07:38
Economic goals of Thailand achievable only with increase in tourists
Budrigannews.com – Thailand’s economy might advance one year from now and hit the 3.8% development figure gave its imperative the travel industry area will get a lift from China’s resuming plans expected to counterbalance easing back worldwide interest, the money serve said on Tuesday.
As the tourism industry just started to recover from the coronavirus pandemic, growth in Southeast Asia’s second-largest economy has lagged that of its peers. Before the pandemic in 2019, about 28% of the nearly 40 million foreign tourists who arrived that year were Chinese.
Arkhom Termpittayapaisith predicted a 3.1% or 3.2% rate of economic growth in 2022.
He stated at a news conference that there were indications that China would begin to reopen, and that “but next year we are still optimistic and hoping that we will get 3.8% (growth) with tourism the main driver.”
Arkhom issued a warning last month that the global economic slowdown could cause the growth forecast for 2023 to fall short.
He stated that this year, 11 million foreign tourists had visited Thailand, and that number should reach 21 million in 2023, or even more if Chinese tourists return.
Arkhom continued, “Investment will also support the economy.”
Arkhom stated that the government intends to limit its budget deficit to 3% of GDP in the 2024 fiscal year, aiming for a deficit of 593 billion baht ($17.13 billion).
The cabinet approved the ministry’s medium-term fiscal plan on Tuesday, putting the public debt at 61.35 percent of GDP by the end of the 2024 fiscal year, which begins on Oct. 1.
Arkhom also stated that monetary policy would guarantee the economy’s continued recovery and that the Bank of Thailand’s inflation target range of 1% to 3% was appropriate.
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He said that even though headline inflation was 5.55 percent in November, it would slow to within the target range by 2023.
Recently, the central bank stated that it would keep raising rates until inflation returned to its target level and the economy grew to its full potential.
