Thailand's economy predicted to grow positively
Thailand’s economy could grow faster than forecast this year as a revival in tourism quickens, while the pace of monetary tightening to stave off inflationary pressures remained reasonable, according to Thai Finance Minister Arkhom Termpittayapaisith.
Thai Finance Minister Arkhom Termpittayapaisith (Photo: bangkokpost.com)Arkhom said the Bank of Thailand (BoT) has adjusted its policy in line with the needs of the domestic economy instead of pursuing the strong monetary tightening pace of the US Federal Reserve (FED).
The central bank’s interest rate adjustments have been reasonable, not following the FED but consistent with Thailand’s economy, Arkhom said.
Raising rates too much will sharply drag down the economy that is getting better, he said, adding monetary policy must ensure the economy will fully recover.
BoT has raised the key rate by a total of 100 basis points since August 2022 to 1.50%. But its tightening cycle has been less aggressive than many regional peers, as Thailand’s economic recovery has lagged other Southeast Asian countries as the tourism sector only started to rebound last year.
Arkhom said Thai gross domestic product may beat a forecast of 3.8% growth this year on a rebound in tourism. The number of tourists to the Southeast Asian nation is predicted to beat forecast of 27.5 million this year.
Last year, Thailand served 11.15 foreign tourist arrivals. The country’s GDP growth in the fourth quarter of 2022 was estimated at 2.8% on the year and 0.2% on the quarter./.
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