Joint Private Sector Committee (JPSC)<\/strong><\/span> has maintained its forecast for Thailand's economy at <\/strong><\/span>GDP growth of 2.5-4%, exports at 3-5%, and inflation at 3.5-5.5% <\/strong><\/span>despite various risk factors. However, it still hopes that the tourism sector will support the economy in the second half of the year.<\/strong><\/span><\/p>

Mr. Sanan Angubolkul, Chairman of the Thai Chamber of Commerce and the Federation of Thai Industries,<\/strong><\/span> in his capacity as the chairman of the JPSC, stated that during the JPSC meeting in June 2022, the committee maintained its forecast for Thailand's GDP growth in 2022 at 2.5 – 4.0%, with exports expected to grow by 3.0 – 5.0%, and general inflation projected to be in the range of 3.5 – 5.5%.

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Despite ongoing risks from a slowing global economy, as well as rising costs and inflation, the growth of tourism and exports is expected to drive Thailand's economy for the remainder of the year. It is anticipated that the recovery of tourism will be a key driver supporting the economy, even as rising inflation may dampen purchasing power and domestic demand recovery. The reopening of the country on May 1 has led to a noticeable increase in foreign tourist arrivals, with the target of 6-8 million tourists this year appearing achievable. Additionally, domestic travel among Thais has increased, benefiting from the expansion of the 'We Travel Together' project.



Exports will be a crucial mechanism driving the economy,<\/span> but the global economic slowdown and the ongoing impacts of the Russia-Ukraine war pose challenges. Concerns regarding food shortages, commodity prices, and high inflation, along with supply chain shortages in the industrial sector, interest rate hikes by several central banks, and a slowdown in China's economy, where GDP growth may only reach 4.5%, below the government's target of 5.5%, are significant factors.

These factors indicate a trend of global economic slowdown, which may impact Thailand's exports for the remainder of the year. There are warning signs from the export figures to China and Japan in April 2022, which contracted compared to the same period last year. However, overall exports in April still grew at a rate of 9.9%. In terms of international transport and logistics, supply remains functional, but there are still challenges with rising shipping costs due to high energy prices.

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