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Despite setbacks, Arkhom sticks to growth, inflation forecasts for 2022

Finance Minister Arkhom Termpittayapaisith is optimistic the gross domestic product in 2022 would grow at 3.5 to 4 per cent, while inflation would remain in the 1-3 per cent band, despite the increasing prices of goods and energy.

He assured that the government was not ignoring the problem and that the Prime Minister had assigned the Commerce and Agriculture and Cooperatives ministries to closely deal with the issues, especially the price of pigs that have skyrocketed. Meanwhile, oil prices are being closely monitored by the Ministry of Energy and price of diesel fuel has been fixed at no more than 30 baht per litre.

The Bank of Thailand and the Finance Ministry are closely monitoring the situation to keep inflation within the 1-3 per cent range, Arkhom promised. There may be times when inflation is near 3 per cent or maybe a bit beyond the range, but the situation is unclear, depending on commodity and food prices.

He said the export sector had done well in 2021 and is expected to repeat the performance in 2022. Today, the Centre for Covid-19 Situation Administration has resolved to revive the “Test and Go” policy for foreign tourists entering Thailand from February 1. It is believed this move will help the tourism sector recover gradually this year.

However, the Omicron coronavirus variant, labour shortage and inflation remain challenges for 2022, he warned.

Published : January 20, 2022