Anticipation of Exports from Thailand to Grow in 2022 and 2023

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Based on predictions of stronger-than-anticipated economic development, the Thai Ministry of Commerce has predicted that exports would hit nine trillion baht by the end of the year and climb to 9.25 trillion baht in 2023.

During a symposium on Sunday (18 Dec), Commerce Minister Jurin Laksanawisit stated that despite the uncertain global economic scenario, exports from Thailand are expected to increase by 7% in 2022, from a total of 8.5 trillion baht in 2021.

Thousands of people of Hmong heritage, government officials, and regular citizens attended the “Hmong Economic Leaders Forum 2022” in Chiang Mai province.

Jurin informed the audience that authorities throughout the world have had to alter their predictions for next year due to the severe changes in global economic conditions, notably those generated by the situation in Ukraine. He did, however, point out that growth in the global economy is expected to persist into the next fiscal year.

According to Anucha Burapachaisri, Minister to the Prime Minister’s Office, Prime Minister Gen. Prayut Chan-o-cha recently voiced his approval of the World Bank’s Thailand Economic Monitor report, which forecasted a 4.5% increase in Thailand’s GDP in the third quarter of this year, an increase that would be even greater than the same period in the year prior to the global pandemic.

After initially forecasting growth of 2.8%, the study now predicts growth of closer to 3.4% for the entire economy in 2022. Growth in the economy is expected to remain at roughly 3.6% thanks to the positive effects of continued tourism, increased investment inflow, and growing public consumption and employment.

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