The skyline is seen through air pollution in Bangkok, Thailand February 15, 2018. REUTERS/Athit Perawongmetha
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BANGKOK, Aug 17 (Reuters) – Thailand’s economy is expected to grow 3.6% this year and 4.0% next year, helped by a rebound in tourism despite inflationary pressures, a member of the central bank’s monetary policy committee said on Wednesday.
The forecast compares with the Bank of Thailand’s (BOT) official June forecast for growth of 3.3% this year and 4.2% next year.
The central bank earlier said growth this year could beat its forecast on better-than-expected tourism. She will review her forecasts at the next rates meeting on September 28th. Read more
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Although headline inflation hovered around a 14-year high of 7.61% in July, well above the central bank’s 1%-3% target range, Kanit Sangsubhan said it was not as high and would fall back next year if the oil prices fall.
He expected headline inflation to come in at 6.3% this year and 2.6% next year, compared to 6.2% and 2.5%, respectively, that the central bank forecast in June.
“No panic. Inflation in Thailand is not high compared to other countries,” he told an economics seminar.
Last week, the BOT raised interest rates by 25 basis points to 0.75% for the first time in almost four years to curb inflation and signaled further incremental hikes. Continue reading
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Reporting by Satawasin Staporncharnchai Writing by Orathai Sriring Editing by John Geddie
Our standards: The Thomson Reuters Trust Principles.
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