Banking
Bank of Thailand (BoT) minimise impact of baht rise on exports
Bank of Thailand (BoT) Assistant Governor Suchada Kirakul on Tuesday downplayed mounting concerns over the continued strengthening of the baht, saying the situation would not affect the export competitiveness because the currency had appreciated in the same direction with other currencies in the region.
Since early this year, she said, the Malaysian ringgit had strengthened most by 3.3 per cent, followed by the Thai baht by 3.18 per cent, the Indonesian rupiah by 3.17 per cent, and the Korean won by 2.68 per cent.
From early March until now, the baht had risen by 2.23 per cent, the fourth after the ringgit by 2.6 per cent, the rupiah by 2.5 per cent and the Korean won by 2.3 per cent.
Mrs. Suchada said the baht had appreciated because foreign investors had shifted their investment from low-risk assets to high-risk assets, particularly Asian stock markets including Thai bourse, as they believed the global economy had recovered markedly.
via BoT shrugs off impact of baht rise on exports.
Economics
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.
(more…)Banking
S&P maintains Thailand’s credit rating at BBB+ with stable outlook
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.
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