InfoQest (January 11, 2022) - The Bank of Thailand (BOT) believes that Thailand's economy continues to recover, but the spread of the Omicron strain of COVID-19 will become the main risk facing Thailand's economy in the future.
BOT predicts 3.4 percent growth this year and 4.7 percent next year based on the pandemic under control in the first quarter of this year. It also predicts that the number of inbound foreign tourists will be recovered by 90 percent in the second half after the quarantine restrictions are eased.
Headline inflation is likely to rise temporarily in the first half of this year, largely because of higher energy prices. But the inflation rate of Thailand is now still in the range of BOT's forecast.
The impact of the pandemic on Thailand's economic development and the sharp appreciation of the US dollar caused the Thai baht to weaken against regional currencies last year. But the long-term positive fundamentals of the Thai economy have not changed, so the Baht exchange rate is expected to be more stable this year.
The Monetary Policy Committee (MPC) is also prepared to use appropriate tools to deal with the economic impact of fluctuations in the Baht. It will continue in-depth researches to better implement monetary policies.
Source: InfoQuest, by Kasamarporn Kittisamphan/Sasithorn Simaporn, translated by Xinhua Silk Road
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