The Bank of Thailand’s Monetary Policy Committee members voted 6-1 to maintain its benchmark rate at 2%, stating that “the current monetary policy remains appropriately supportive of the Thai economic recovery.”
The committee deems prolonged political uncertainties to be the main cause for higher downside risks to growth. Financial conditions are accommodative, and are not hindering domestic spending.
Growth of the Thai economy in the first quarter of 2014 is expected to contract by more than previously assessed from domestic demand. Private investment and tourism have felt greater impact from political uncertainties.
Exports of goods gradually improved but could not offset the overall subdued growth. Looking ahead, the prospect for economic recovery hinges importantly on the political developments. Economic expansion this year is expected to be lower than previous assessment, and driven mainly by exports. Inflationary pressure rose in line with expectations.
Source : http://www.bot.or.th/Thai/MonetaryPolicy/Documents/MPC_32014.pdf
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