Thailand’s economy shows steady growth
2022.12.29 07:11
Thailand’s economy shows steady growth
Budrigannews.com – The central bank reported on Thursday that while exports declined as global demand slowed, Thailand’s economy continued to recover in November thanks to increased domestic demand and tourism.
The Bank of Thailand (BOT) said that as the vital tourism sector picked up steam, economic activity was likely to recover further. It also said that it would keep an eye on slowing global demand, rising prices, and the reopening of China’s border.
Assistant BOT Governor Chayawadee Chai-Anant stated at a news conference that China’s move should benefit Thailand’s tourism industry in 2023. The BOT currently anticipates 22 million foreign tourists arriving next year.
She stated, “What we’ve looked at is fairly conservative and will be reviewed next year.”
The finance minister claims that since the beginning of the year, Thailand has received 11 million foreign tourists, exceeding the BOT’s projection of 10.5 million.
The economy would expand by 3.2% this year and 3.7% in 2023, as private consumption and tourism boosted growth, the central bank predicted in November.
However, according to Chayawadee, the second-largest economy in Southeast Asia is experiencing slower-than-anticipated global demand.
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Trades, likewise key driver of development, dropped 5.5% year-on-year in November, and Thailand kept an ebb and flow account shortage of $0.4 billion in that month, the BOT said in an explanation.
Chayawadee stated that economic conditions would be the primary focus of tightening monetary policy, and the BOT would keep an eye on any effects that commercial bank loan rate increases might have on the economy.
To reduce inflation, the BOT has increased its key rate by 75 basis points to 1.25 percent since August. On January 25, when an additional hike is anticipated, it will conduct its next policy review.
