BANGKOK, April 27 (TNA) – The Ministry of Finance revises its forecast of the economic growth rate this year to 3.5% as it expects the Russia-Ukraine conflict will fuel inflation.
Pornchai Thiraveja, director-general of the Fiscal Policy Office and spokesman of the Ministry of Finance, said the 3.5% annual economic growth rate was adjusted downwards from 4.0% as predicted in January because the Russia-Ukraine conflict slowed down the economy of trading partners of Thailand, especially the European Union and the United States. It also affected energy prices and pushed up inflation. He expected the headline inflation to run at 5.0% this year.
Mr Pornchai said that the Thai economy would expand from its condition in 2021 when it grew by 1.6%. He based the anticipation on local spending and consumption in the private sector that would increase by 4.3% annually and the tourism sector that was recovering as disease controls were relaxed to attract visitors.
He predicted that the country would welcome 6.1 million visitors this year, compared with only 400,000 visitors last year, and exports would grow by 6.0% this year. (TNA)
