The University of the Thai Chamber of Commerce (UTCC) yesterday downgraded its economic growth forecast to 3.1%, from the 4.2% projection it made in November 2021, largely due to rising global energy prices.
According to Thanavath Phonvichai, UTCC president, the downgrade assumes global trade growth of only 4%, down from the 6.7% outlook in the last projection, with global GDP expected to increase by 2.9%, down from 4.9%.
The number of foreign tourists in Thailand is expected to increase to 6.1 million, up from 5 million in the previous forecast. The foreign exchange rate is likely to average 34.25 baht against the US dollar, up from 32.70 baht in the previous outlook.
