A private-sector-led committee forecasts a slowdown in Thailand’s exports for the rest of this year due to global uncertainties.
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) stated that despite steady export growth during the first four months of 2022, factors such as the Russia-Ukraine conflict, rising oil prices, inflation rates, and food shortages will likely slow down Thailand’s exports for the rest of the year.
The JSCCIB, on the other hand, expressed optimism as it maintained its economic forecast for 2022, predicting Thai economic growth of 2.5-4%, inflation of 3.5-5.5%, and export growth of 3-5%. The committee stated that Thailand’s tourism industry will play a critical role in driving GDP growth following the country’s reopening to international tourists. It expects around 6-8 million tourists to visit Thailand in 2022.
In addition, the Ministry of Finance is expected to maintain its inflation rate prediction at around an average of 5% for 2022. Sources said that factors such as the global oil price have remained stable while Thailand’s inflation rate is lower than that of many countries. The government’s intervention to prevent prices and fuel from rising too high from time to time also plays a part in private and public agencies maintaining an optimistic outlook for the Thai economy. (NNT)
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