The Bank of Thailand has revised up the 2017 economic growth rate from 3.2 to 3.4 percent, thanks to export recovery and tourism expansion.
BoT assistant governor for monetary policy Mr Chaturong Chantharang told a press conference on Wednesday that the Monetary Policy Committee had reassessed the economic performance this year and agreed to revise up the economic growth rate from 3.2 to 3.4 percent due to improved exports which are expected to grow up to 2.2 percent from zero growth.
Growth rate for next year was forecasted at 3.6 percent.
Tourism sector is also improving with the number of tourist arrivals expected to increase by an addition of 400,000 from 34.1 million to 34.5 million for the entire year, he said.
The MPC also resolved unanimously to retain policy rate at 1.5 percent for the 15th time citing low inflationary pressure which necessitates the retention of moderate monetary policy and the application of suitable policy tools to support economic growth.
The MPC agreed that the overall financial system is stable and is capable of coping with domestic and international financial fluctuations.
Despite clear sign of economic recovery, Mr Chaturong said that Thailand is still facing several uncertainties, especially global economic recovery and uncertainty in economic and financial policies of major economies.
Source: Thai Public Broadcasting Service (Thai PBS)