underpinned by large investment projects, Arkhom Termpittayapaisith told a business seminar. Thailand's economy grew a less than expected 2.6% in 2022, after 1.5% growth the previous year, among the lowest in Southeast Asia. "(We) may not worry much about the lowest (growth) in ASEAN, but what I've emphasised is that a gradual, stable growth is more important," Arkhom said, referring to the Southeast Asia region.
At a separate forum, Arkhom said economic growth was expected at 3% to 4% this year, though expansion of 4% to 5% would be appropriate. "Our growth path is a continued one. We don't know when it will peak but we are planning that growth of 4-5% is suitable for Thailand but we need more productivity," he said. He said the finance ministry, however, has yet to revise its projection of 3.8% growth this year, pending more economic data. Thailand's fiscal and financial positions were stable, he said, but monetary policy must support the economic expansion while tackling inflation, which is expected to return to its 1% to 3% target range this year. "The Bank of Thailand (BOT) will look at several factors, clearly the recovery of the economy that must continue and be sustained," he said. The BOT is expected to raise its key interest rate by a modest quarter point at its next meeting on March 29. A key growth area is tourism, which is rebuilding strongly, with hopes that the reopening of key source market China will give a big lift.
Thailand is expecting 25 million to 30 million foreign visitors this year, Tourism Minister Pipat Ratchakitprakan told the forum. The compares to the record of nearly 40 million in pre-pandemic 2019.
There were 4.5 million foreign visitors since the start of
the year to March 4, Pipat said.
The tourism rebound helped lift consumer confidence to a
three-year high in February, a survey showed.
(Reporting by Orathai Sriring and Satawasin Staporncharnchai;
Editing by Martin Petty, Ed Davies)
