Economy

Thai economic system firmly on restoration path regardless of dangers


© Stocksak. FILE PHOTO: Thai finance minister Arkhom Termpittayapaisith speaks throughout an interview with Stocksak in Bangkok, Thailand, October 19, 2022. REUTERS/Athit Perawongmetha/File Photograph

BANGKOK (Stocksak) – Thailand’s economic system stays firmly on the trail to restoration regardless of international uncertainty, and additional rate of interest hikes shall be gradual to make sure that restoration continues, the finance minister stated on Wednesday.

Southeast Asia’s second-largest economic system is secure, with comparatively low rates of interest, adequate liquidity and powerful fiscal and monetary positions, Arkhom Termpittayapaisith informed a enterprise discussion board.

“The Thai economic system has proved as soon as once more that it’s extremely resilient and might climate the storms,” he stated, including that annual third-quarter progress of 4.5% was the quickest tempo in additional than a yr.

Thailand’s economic system is predicted to develop 3.4% this yr and three.8% subsequent yr, with the tourism sector a key driver, Arkhom stated, citing the ministry’s forecasts.

Nonetheless, he stated late final month that the economic system might not attain a forecast progress of three.8% subsequent yr resulting from a world financial slowdown, however this yr’s outlook needs to be achieved.

Thailand’s financial restoration has lagged that of different Southeast Asian nations, with its essential tourism sector solely beginning to rebound this yr.

The economic system grew 1.5% final yr, among the many slowest tempo within the area.

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