"GDP"

Though first-quarter GDP growth beat expectations, Thailand’s economy faces uncertainty and needs more government support amid spiralling public debt, the National Economic and Social Development Council (NESDC) warned on Tuesday.

The National Economic and Social Development Council (NESDC) on Tuesday lowered its forecast for Thailand’s economic expansion in 2022 to 2.5 to 3.5 per cent from the previous estimate of 3.5 to 4.5 per cent it had made in November 2021.

The Bank of Thailand’s (BOT) Monetary Policy Committee adjusted down its estimation of gross domestic product (GDP), stipulating that in 2022 the economy would expand by 3.2 per cent instead of its previous 3.4 per cent estimation.

The Finance Ministry said on Monday that it has lowered Thailand’s growth forecast for 2022 to 3 to 4 per cent from its earlier 3.5 to 4.5 per cent prediction.

A Liberal Democratic Party commission has proposed a defence spending target of 2% of Japan’s gross domestic product, to be reached in five years, to bolster capabilities in light of Russia’s invasion of Ukraine and China’s military rise, The Yomiuri Shimbun has learned.

SINGAPORE - Singapore's economy expanded at a slower pace in the first quarter of 2022, falling slightly short of analysts' estimates.

Thailand's sovereign credit has been rated at Baa1, or equivalent to BBB+, by Moody's Investors Service, which maintained the country’s outlook at stable, Patricia Mongkhonvanit, director-general of the Public Debt Management Office (PDMO), said on Friday.

Finance Minister Arkhom Termpittayapaisith expects the gross domestic product in 2022 to expand 3.5 to 4.5 per cent, with exports in 2022 exceeding the estimated 5 per cent growth.

The energy and foreign affairs ministries are negotiating with oil producing countries, including Saudi Arabia, the purchase of crude oil at lower than the global market price, Deputy Finance Minister Santi Promphat said on Tuesday.

Thailand’s economy performed better than expected in the fourth quarter of 2021, expanding 1.9 per cent year on year, according to official figures on Monday.

Thailand’s trade representative has an ambitious plan to draw as much as Bt1 trillion in foreign investments over the next year or two, which is enough to boost GDP growth by a hefty 3 per cent a year.

The Public Debt Management Office reported on Monday that as of December 30, 2021, Thailand’s public debt stood at 9.644 trillion baht or 59.57 per cent of the country’s GDP.