World

Thailand to revise economic forecast for 2022

Thailand's Finance Ministry plans to revise its 2022 forecast for Thai economic growth next month, focusing on the impact of rising inflation and spiking energy prices, said a ministry source who requested anonymity.
Bangkok (VNA) – Thailand's Finance Ministry plans to revise its 2022 forecast for Thai economic growth next month, focusing on the impact of rising inflation and spiking energy prices, said a ministry source who requested anonymity.

According to Bangkok Post, the ministry is worried that the Russia-Ukraine war will affect its target for foreign tourist arrivals this year.

In January, the ministry projected 2022 economic growth in the range of 3.5-4.5 percent, with average growth of 4 percent, based on the assumption of rising domestic spending following an improvement in the global pandemic situation.

That month the ministry also forecast a 4.5 percent expansion in private consumption for 2022 and the arrival of 7 million foreign tourists. Exports are expected to post growth of 3.6 percent based on recovering global demand.

Thailand's exports surged by 16.2 percent year-on-year in February, which was higher than expected.

A joint research by the Thai National Economic and Social Development Council (NESDC), the Bank of Thailand and the Fiscal Policy Office (FPO) showed that Thailand’s economy may contract 3 percent if the crude oil price in Dubai stands at 150 USD per barrel.

Last month, the NESDC kept growth forecast of 3.5-4.5 percent for the Thai economy in 2022./.
VNA
#Thailand#Thai economic growth#Russia-Ukraine war#Thai National Economic and Social Development Council (NESDC)#Thai economy#Vietnam#Vietnam news#Vietnam News Agency
Follow VietnamPlus

Related News

Thailand’s exports surge beyond expectations

Thailand’s exports surge beyond expectations

Thailand's exports beat expectations by growing 16.2 percent in February, driven by higher international demand on the back of global economic recovery and proactive trade promotions.
Vietjet resumes first international service from Thailand to Da Nang

Vietjet resumes first international service from Thailand to Da Nang

Budget carrier Vietjet on March 27 resumed the first international service to the central city Da Nang from Bangkok, Thailand, reaffirming its leading role as the largest flight capacity provider between the two countries while pioneering in boosting the post-pandemic recovery of tourism and trade connectivity across the region.

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.