Q1 GDP growth tops forecast but Ukraine war hits 2022 outlookTourism helped boost Thai economic growth in the first quarter. The government cut its 2022 economic growth forecast to 2.5-3.5% from 3.5-4.5%, due to higher prices and slower global growth linked to Russia's invasion of Ukraine. Last year's expansion was revised to 1.5% from 1.6%, among the slowest growth rates in the region. On a yearly basis, gross domestic product (GDP) grew 2.2% in January-March, beating a forecast 2.1% rise, and after revised 1.8% growth in the previous three months. However, the numbers are still far below 40 million foreign tourist arrivals in 2019, before the pandemic.

Source: Bangkok Post May 17, 2022 21:32 UTC