Bank of Thailand puts stability above stimulus

Amid the ongoing recovery pace, the economy no longer requires any stimulus measures, but the country requires normalisation and the implementation of economic measures to support economic stability and potential growth for the longer term, says the governor of the Bank of Thailand.

According to Sethaput Suthiwartnarueput, governor of the central bank, Thailand’s economy has been recovering and the recovery pace remains intact, mainly supported by recovering domestic consumption and the tourism sector.

The Bank of Thailand forecasts the GDP growth rate for 2023 would be 3.6%.

Mr Sethaput said the economy has already emerged from the worst conditions of the pandemic’s impact, when it contracted by 12.3% in the second quarter of 2020 compared with a 2.1% growth rate in 2019.