Thailand raises Interest Rates by 25 basis points
The Bank of Thailand (BoT) has announced its fifth consecutive interest rate increase, as the country's economy continues to recover. The decision comes as policymakers work to control inflation amid increased demand in key sectors such as tourism.
The BoT voted unanimously to increase interest rates by 25 basis points, taking the rate to 1.75%, a move that has been largely expected by economists. The baht, the country's currency, has responded softly to the rate change, trading little changed against the US dollar.
ph: instagram.com/dzdedeedzd
The recovery of the tourism sector, coupled with spending on the May general election, is expected to create price pressures in the country, even as the overall inflation rate remains above the central bank's 1-3% target range.
Despite these challenges, the BoT sees the economy as moving in the right direction, forecasting GDP growth of 3.6% this year and 3.8% next year, with foreign tourist numbers expected to reach 28 million this year and 35 million next year.
Consumer price inflation is anticipated to return to within target levels by mid-2023, while core inflation, which excludes fuel and food prices, is expected to remain at 2.4% before decreasing to 2% in the following year.
However, the BoT has also warned of potential risks to the economy from growing demand and higher costs. The possibility of strained banks in major economies, combined with higher inflation, poses a potential threat to the global economic outlook.
Thailand's decision to increase interest rates runs counter to the trend seen in other Southeast Asian countries, where Indonesia and Malaysia have opted to pause. The move signals the BoT's commitment to controlling inflation and maintaining economic stability in the country, even as global economic conditions remain uncertain.
Thailand raises Interest Rates by 25 basis points
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