Joint business group sees GDP growth next year 3%-4.5%

The country’s leading joint-business group on Wednesday said it expects gross domestic product growth in 2022 to reach as high as 4.5%, in line with global recovery.

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) maintained its growth outlook for the year to between 0.5% to 1.5%, and expects exports to grow up to 15% before slowing down to 3% to 5% next year, it said in a statement.

The government projects growth in 2022 to be between 3.5% to 4.5%.

The JSCCIB said the Omicron Covid-19 variant could slow down recovery in the tourism sector, a big employer and source of revenue.

“There is still concern in the short term despite a recovery, it’s slow … we urge the government to implement more measures in time for New Year festivities so businesses can distribute products,” said Chamber of Commerce chairman, Sanan Angubolkul.