BANGKOK, June 13 (TNA) — The Bank of Thailand (BOT)’s Monetary Policy Committee (MPC) voted 6 to 1 on Wednesday to maintain the policy rate at 2.50 percent while the Thai economy is projected to expand by 2.6 and 3.0 percent in 2024 and 2025, respectively.
Mr Piti Disyatat, Secretary of the Monetary Policy Committee (MPC) announced the outcome of the meeting that the Committee votes 6 to 1 to maintain the policy rate at 2.50 percent. One MPC member voted to cut the policy rate by 0.25 percentage point to reflect Thailand’s lower potential growth as a result of structural challenges, and to partly alleviate debt-servicing burden for borrowers.
The Thai economy is projected to expand because of the stronger-than-expected domestic demand and continued recovery in tourism.
The BOT projects the number of tourist arrivals at 35.5 million this year and 39.5 million in 2025.
Meanwhile, exports will continue to grow at a subdued level, particularly in textile and chemical products groups. Additionally, certain merchandises face increasing pressures from stronger competitiveness such as solar panel and automotive sector.
However, the merchandise that has brighter prospect is electronics products.
BOT, therefore, projects that the Thai economy will expand by 2.6 and 3.0 percent in 2024 and 2025, respectively.
The export will grow 1.8 percent when compared with the previous year. The export is expected to grow 2.6 percent next year.
The import is projected to grow 3.1 percent when compared with 2023. The import next year will expand 2.0 percent..-813.-TNA
