The Ministry of Commerce has projected that Thailand’s exports will reach nine trillion baht by the end of the year and rise to 9.25 trillion baht in 2023, based on forecasts of stronger-than-anticipated economic growth.
Despite the worrying global economic situation, Commerce Minister Jurin Laksanawisit said during a forum on Sunday (18 Dec) that Thailand’s exports in 2022 are projected to grow 7% from last year’s total of 8.5 trillion baht.
The “Hmong Economic Leaders Forum 2022” was held in Chiang Mai province with the participation of thousands of prominent figures of Hmong descent, government officials and members of the general public.
Jurin told participants that dramatic changes in global economic conditions, especially those caused by the conflict in Ukraine, have prompted authorities worldwide to revise their forecasts for next year. However, he noted that the global economy is still projected to continue expanding during the following fiscal year.
According to Minister to the Prime Minister’s Office Anucha Burapachaisri, Prime Minister Gen Prayut Chan-o-cha recently expressed satisfaction with the World Bank’s Thailand Economic Monitor report, which predicted that Thailand’s gross domestic product (GDP) in the third quarter of this year would increase 4.5%, even higher than the same period in the year preceding the global pandemic.
The report projects that this year’s overall economic growth will be closer to 3.4% than its previous estimate of 2.8%. The economic recovery is also anticipated to advance, with growth continuing at around 3.6% – bolstered by sustained tourism, improved investment inflow and rising public consumption and employment. (NNT)