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Finance Ministry expects GDP to grow 4% next year, with 7 million foreign tourists likely to visit kingdom

The economy for fiscal year 2021 is expected to grow just 1 per cent because of Covid-19 in the third quarter, Finance Ministry spokesman Pornchai Thiravej told a press conference on Thursday.

He said the economy was expected to slow down in the second half of 2021 due to disease-control measures and weak economic activity.

However, the epidemic situation is gradually improving and the reopening of the country from November 1 will result in intensified economic activity, especially in the tourism, retail, wholesale, transportation and entertainment sectors, Pornchai said.

Private consumption is expected to grow 0.8 per cent per year and private investment 4 per cent, he said.

However, the problem of supply-chain disruption still needs to be monitored, which may affect exports.

It is expected that the value of exports in 2021 will grow 16.3 per cent, the spokesman said.

As for 2022, the ministry expects the economy to grow at 4 per cent, supported by recovery of the tourism sector amid an improving Covid-19 situation and moves to ease restrictions on international travel.

Seven million foreign tourists are expected to visit Thailand in 2022, while exports are likely to grow 3.8 per cent, the ministry said, adding that this would be a key factor in the recovery of the business sector, employment and domestic consumption.

Published : October 28, 2021