Thai economy recovering steadily, tourism to drive 2023 growth

 Wednesday, February 15, 2023 



Thailand’s economy is recovering slowly but steadily, boosted by a rebound in a vital tourism sector that will remain the key driver of growth this year, its finance minister said on Wednesday.

Higher spending in the current fiscal year and the next will also increase investment, Arkhom Termpittayapaisith told an economic forum.

Strength in the baht reduces import costs but also cut export volumes, he said.

Monetary policy and fiscal policy must work together to ensure the country’s economic stability, Arkhom said.

Monetary policy must be accommodative and does not create financial costs, he added.

On Monday, Arkhom told a news agency that Thailand’s economy could grow faster than forecast this year as a revival in tourism gathered steam, while the pace of monetary tightening to contain inflationary pressures remained “reasonable”.

The Bank of Thailand has raised the key rate by a total of 100 basis points since August to 1.50%, though the tightening cycle has been less aggressive than many of its regional peers as Thailand’s economic recovery has lagged that of other Southeast Asian nations.

It will next review policy on March 29, when most economists expect a further gradual rate hike.

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