Banking
Bank of Thailand keeps rate at 2%
Bank of Thailand’s Monetary Policy Committee voted unanimously to maintain its policy interest rate at 2% per annum, due to positive economic recovery.
Bank of Thailand’s Monetary Policy Committee voted unanimously to maintain its policy interest rate at 2% per annum, citing positive economic recovery and reduction of political uncertainties.
Mr. Paiboon Kittisrikangwan, Secretary of the Monetary Policy Committee (MPC), justified the BOT decision to keep its main rate stable citing the global economic recovery, led by major economies like the US which continued to grow on the back of stronger labour and housing markets.
Recovery in the euro area and Japan continued at a moderate pace. In China, risks in the financial sectors subsided, while the downside risks to growth diminished in the short term. Asian economies remained stable, with exports partially offsetting slowing domestic demand.
also stated the MPC.
Concerning the Thai economy,
It contracted in the first quarter of 2014 as political uncertainties weighed on domestic demand and tourism. Moderate recovery in exports of goods could not compensate for falling domestic demand.
Following a significant reduction of political uncertainties, the economy should benefit from improving public and private spending. A slow recovery in exports of goods and tourism however pose downside risks to growth.
according to the official statement published by the BOT today.
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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