Thailand’s economy is expected to sustain growth, thanks to the well-performing tourism sector, according to Siam Commercial Bank’s Economic Intelligence Center (SCBEIC).
The center expects Thailand’s economy to receive a positive push from the tourism sector, in which more foreign visitors are to visit the country during the country’s peak tourism season in Q4, helping create more jobs within the sector.
The export sector, which is considered a key economic driver, is showing growth. The sector’s performance, as well as the performance of export-related industries, is expected to slow down in line with the global economy.
Consumption by private firms is showing positive signs in almost every category. The center expects the inflation crisis to have passed its peak and that the inflation rate to gradually decrease in line with the decreasing fuel prices.
Meanwhile, the flooding disaster which has affected several parts of the country this year will cause some 12 billion baht in damages, which is still lower than the figure in 2011.
SCBEIC expects Thailand’s Monetary Policy Committee to continue to gradually increase the country’s policy interest rate to 2%. Thailand’s economy is to perform at a pre-pandemic rate by mid-2023. (NNT)
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