Thailand's economic expansion this year is projected to range from 2.7 to 3.7 percent, according to Deputy Secretary-General to the Prime Minister and Acting Government Spokesperson, Anucha Burapachaisri.
He said the growth will mainly be attributed to key supporting factors including tourism, expansion in both private and public investments, and continual growth of private consumption and the agricultural sector.
A report by the Office of the National Economic and Social Development Council (NESDC) said that the Thai economy in the Q4 expanded by 1.4 percent.
Last year, the Thai economy increased by 2.6 percent, rising further from the 1.5-percent expansion in 2021, according to the report.
"Supporting factors for economic growth in Q4 of last year include the acceleration of export of services, favorable expansion of private consumption and public investment, and the improvement of public investment which returned to a positive growth, rising for the first time in 4 quarters by 1.5 percent due to the high expansion of state-owned enterprises' investment of 10.3 percent," said Anucha on Thursday.
On foreign trade, export and import values were recorded at $65.814 billion, and $62.844 billion respectively. On the production side, Agricultural Price Index has risen for the fourth consecutive quarter by 12.8 percent, following an increase in prices of main agricultural products such as fruits, paddy and swine.
The number of international tourist arrivals stood at 5.465 million. Overall, the total tourism revenue amounted to 425 billion Baht ($12.17 billion) , an increase of 213.9 percent from the same quarter of last year.
Unemployment rates in Thailand stood at 1.15 percent, a slight decline in the preceding quarter.
According to Anucha, Prime Minister and Defense Minister Prayut Chan-o-cha has placed great importance on macroeconomic management, especially resolving retail debts of households and SMEs, sustaining agricultural production and farmers' income, maintaining growth momentum of exports; catalyzing recovery in tourism and related services, and stimulating private investment.
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