Thailand Economy to Grow Up to 4.5% Despite Omicron: Finance Minister

Thailand’s finance minister said that the economy is still expected to grow 3.5 percent to 4.5 percent this year with the help of exports, tourism, and fiscal policy, despite outbreaks of the Omicron variant of COVID-19.

While last year’s growth is expected to come at only 1 percent, the economy is expected to improve in 2022 with help from the tourism sector, Finance minister Arkhom Termpittayapaisith told a business seminar on Thursday.

Thailand will resume a quarantine waiver for vaccinated visitors starting February, a month after it was suspended due to the surge in COVID-19 cases, Arkhom said. The move is expected to help boost the country’s tourism.

Exports are also expected to continue its growth despite supply chain disruptions, Arkhom added.

The minister added that the government’s fiscal position remains strong with plans to invest 900 billion baht ($27.4 billion) in infrastructure projects this year, in addition to other public-private investment projects.

“In case of any crisis, the government is ready to support the economy,” Arkhom maintained, saying that the government can still borrow a further 10 percent of Thailand’s gross domestic product (GDP) if needed.

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