The Siam Commercial Bank (SCB)’s Economic Intelligence Centre (EIC) has readjusted up its projection for Thailand’s GDP growth at 3% this year and 3.7% in 2023, thanks to the recovery of tourism and private consumption.
Bangkok (VNA) - The Siam Commercial Bank (SCB)’s Economic Intelligence Centre (EIC) has readjusted up its projection for Thailand’s GDP growth at 3% this year and 3.7% in 2023, thanks to the recovery of tourism and private consumption.
Somprawin Manprasert, SCB’s First Executive Vice President, and Chief Economist, and Chief Strategy Officer of the EIC, said the adjustment was made to reflect the revenue from the tourism industry and related sectors, and continuous growth in private consumption.
According to the EIC, Thailand is expected to serve 10.3 million international visitors this year, and 28.3 million foreign arrivals next year.
The EIC forecasts that the Thai economy will take another two years to recover at full speed, and the country’s Monetary Policy Committee will further raise the policy rate at increments of 0.25%.
The committee is expected to make these changes in September and November, making the policy rate reached 1.25% towards the end of this year. It also planned to readjust the policy rate three times in 2023 until the rate reaches 2%.
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(Photo: //thainews.prd.go.th/) 
