Thai growth forecasts may need to be revised down – central bank chief

Bank of Thailand Governor Sethaput Suthiwartnarueput speaks during his first briefing on the economy and monetary policy after taking office in Bangkok, Thailand Oct 20, 2020. REUTERS/Chalinee Thirasupa/File photo

BANGKOK – Thailand’s economy continues to recover, helped by tourism and consumption, though the growth forecast may need to be revised down with exports weak this year, the central bank chief said on Wednesday.

“Previously (the forecast) was 3.6 percent, due to a slowdown, this number will probably need to be adjusted down to the mid-3 percent range this year,” Bank of Thailand Governor Sethaput Suthiwartnarueput told a central bank seminar.

In May, the central bank maintained its forecasts for economic growth at 3.6 percent this year and 3.8 percent next year. The economy expanded 2.6 percent in 2022.

“Exports have been soft due to global issues,” he said but private consumption and tourism would support continued recovery and that the country expects 29 million foreign arrivals this year.

Sethaput said inflation was falling faster than expected and interest rate decisions would focus on the economic outlook not short term data.