BANGKOK (Reuters) – Thailand’s economy is still seen growing at 3.6% this year, the central bank chief said on Monday, in spite of some turbulence in the first half of the year.
Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput told reporters exports are seen down 7.1% year-on-year in the first half of 2023, before rising 4.2% in the second half.
Recovery in Southeast Asia’s second-largest economy has lagged some of its regional peers but a rebound in tourism is expected to give growth a boost.
Sethaput said the country is expecting at least 28 million foreign tourist arrivals this year.
Headline inflation, which cooled to 2.83% in March, is expected at 3.3% in first half and 2.5% in the second half. The BOT last month raised its benchmark rate by a quarter point to 1.75% to curb inflationary pressures. It will next review monetary policy on May 31, when economists expect a further rate hike.
The BOT has raised its key rate by a total of 125 basis points since August, less aggressive than many of its peers.
(Reporting by Orathai Sriring and Kitiphong Thaichareon; Editing by Kanupriya Kapoor)
