BANGKOK, April 24 (Reuters) – Thailand’s economy will still grow 3.6% this year despite some turbulence in the first half of the year, the central bank governor said on Monday.
Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput told reporters that exports fell 7.1% yoy in the first half of 2023, before rising 4.2% in the second half.
The recovery in Southeast Asia’s second-largest economy is lagging behind some of its regional peers, but a rebound in tourism should boost growth.
Sethaput said the country expects at least 28 million foreign tourist arrivals this year.
Headline inflation, which slowed to 2.83% in March, is expected to come in at 3.3% in H1 and 2.5% in H2.
The BOT raised interest rates by a quarter point to 1.75% last month in a bid to contain inflationary pressures. The next time she will review monetary policy is May 31, when economists expect another rate hike.
The BOT has raised interest rates by a total of 125 basis points since August, less aggressively than many of its peers.
Reporting by Orathai Sriring and Kitiphong Thaichareon; Adaptation by Kanupriya Kapoor
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