The National Economic and Social Development Council (NESDC) has projected that Thailand’s gross domestic product (GDP) could reach 3.5 – 4.5% this year. It also recommended that the government quickly address the issue of household debts by helping debtors restructure their debts.
NESDC Secretary-General Danucha Pichayanan noted that the Thai economy grew 1.9% in the fourth quarter of 2021. After seasonal adjustment, the Q4 economy grew 1.8% from Q3, indicating 1.6% growth for the entirety of 2021. Thailand saw a contraction of 6.2% in 2020.
The secretary-general noted that the nation recently saw an increase in private, public and government spending; goods and services exports; and the recovery of state investments. Private consumption meanwhile expanded 0.3%, up from minus 3.2% in the previous quarter, even as private investments declined.
Danucha said factors which will positively contribute to the economy include recovery in domestic supplies and the tourism sector, expansion in the export sector, and additional assistance measures from the government.
Thai exports are expected to grow 4.9%, with private consumption to expand 4.5% and private investments growing 3.8%. The NESDC projects that government investments will reach 4.6% this year, while inflation rate will be in the range of 1.5 to 2.5% and the current account balance would be above 1.5% of GDP. (NNT)
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