BANGKOK (NNT) – The Bank of Thailand has said the Thai economy improved in February following a moderate slow down the previous month, owing to an easing of coronavirus curbs and a resumption of a quarantine waiver for foreign tourists.

According to Chayawadee Chai-Anant, a senior BOT director, the Russia-Ukraine crisis is likely to push up inflation and cause global financial volatility, but Thailand’s external stability remains good.

She added that the impact of a recent spike in COVID-19 cases has been within estimates, while the momentum of a stronger-than-expected fourth-quarter could help the economy grow more than the 3.4% earlier forecast for this year.

Southeast Asia’s second-largest economy expanded 1.6% last year, returning to growth in the final quarter of the year, following a 6.2% contraction in 2020.

Thailand resumed its quarantine waiver this month after a brief suspension imposed amid uncertainty about the severity of the Omicron variant, which slowed economic activity in January.

In January, private consumption dropped 0.4% from the previous month and private investment fell 0.7%.

Exports, a key driver of growth, rose at a much slower pace of 7.9% in January from a year earlier, with imports up 18.4% year-on-year, giving a trade surplus of $0.6 billion.

Thailand recorded a current account deficit of $2.2 billion in January after a deficit of $1.4 billion in December.

Information and Source

Reporter : Paul Rujopakarn

Rewriter : Paphamon Arayasukawat

National News Bureau : http://thainews.prd.go.th

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thailand’s GDP rebounds in Q4 but recovery still lagging its peers

Oxford Economic expects economic momentum to improve further in 2022, with GDP rising by an above-consensus 5.1%. However, Oxford Economics expects the policy rate to remain at 0.5% until Q1 2023 as Thailand’s stunted recovery and a partial recovery in tourism still warrants an accommodative stance.

ESG Trends 2021: Rise of Green Finance

In a year in which significant political efforts have been made to speed up the energy transition, 2021 has also been record-breaking for green finance, as governments, international institutions and lenders alike seek to support the shift towards renewables.

New Year Spending Hits 12-Year-Low Due to Omicron Fears

The UTCC’s Center for Economic and Business Forecasting (UTCC-CEBF) released its economic projections for the 2022 New Year holiday season, anticipating spending to be the lowest in 12 years.