Clear signs of economic recovery are becoming increasingly apparent following various government policies to support and help energize Thailand’s economy. Thai GDP is now expected to grow by as much as 4% after the value of incentivized investment projects hit 700 billion baht in 2022. This value is now expected to reach 1 trillion baht per year in the near future.
Government Spokesperson Anucha Burapachaisri said the prime minister has continually been briefed on the plans and work of government units and projected economic figures. Prime Minister Gen Prayut Chan-o-cha thanked all sectors for having cooperated with the government to enable this year’s economic projections to improve from last year.
The spokesperson also said Energy Minister Supattanapong Punmeechaow has provided an assessment for the Thai economy to potentially expand by as much as 4% this year. The minister cited Thailand’s success in maintaining fiscal discipline, as reflected by the kingdom’s stable credit rating. Foreign economists and analysts have also noted Thailand’s effectiveness in handling recent crises.
Spokesperson Anucha said the government has issued assistance and rehabilitation measures to assist the public in various ways. It also opened up to new industries and technologies to further promote the economy. Furthermore, the administration restored diplomatic relations with Saudi Arabia after a 32-year freeze, a development which is expected to allow Thailand to expand trade in the Middle East and Africa.
The spokesperson added that private sector consumption is on the rise while the number of foreign tourist arrivals is expected to exceed 20 million this year. Investment promotion incentives were also allocated to about 700 billion baht worth of investment projects in 2022. The annual value of incentivized projects is expected to reach 1 trillion baht in the near future. (NNT)
