Thai baht strength a risk to economy: finance minister
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
THE strengthening of the baht is a risk to Thailand’s economy at the moment as it reduces export volumes, the finance minister said on Friday.
The business sector needs to hedge against foreign exchange risks, Finance minister Arkhom Termpittayapaisith told a ministry event.
The baht has gained about 2.7 per cent against the dollar so far this year, becoming Asia’s second-best performing currency.
While export orders are declining as global demand slows, Arkhom said South-east Asia’s second-largest economy is underpinned by a rebound in the crucial tourism sector, which should see more than 20 million foreign tourist arrivals this year.
“That’s why people see Thailand’s economy is recovering,” he said.
The ministry forecast economic growth at 3.8 per cent this year, up from estimated growth of 3.0 per cent in 2022.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The government will report official 2022 gross domestic product (GDP) data on Feb 17. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
