Thai economy resilient, on path towards full recovery: finmin
THAILAND’S economy is on a solid recovery path and showing resiliency, helped by good revenue collection and a normailisation of its tourism sector, while inflation should come in below 3 per cent this year, its finance minister said on Monday.
Arkhom Termpittayapaisith told a World Bank forum the central bank and finance ministry should continue implementing proactive fiscal policy and prudent monetary policy.
The recovery of South-east Asia’s second-largest economy has been supported by a comprehensive and timely policy mix between fiscal monetary policies, he said.
He said headline inflation could be below 3 per cent this year, inside the central bank target range of 1 per cent to 3 per cent.
Revenue collection showed a strong sign of recovery in the 2022 fiscal year and is expected to surpass the pre-pandemic level in the 2023 fiscal year, Arkhom said.
“I’m confident that Thailand is firmly heading towards full recovery and soon return to its vibrant economy,” he added.
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Thailand’s economy expanded faster than expected in the first quarter due to a revival in tourism, a mainstay of the economy.
The finance ministry forecast economic growth of 3.6 per cent this year, after a 2.6 per cent expansion last year.
The World Bank in a statement on Monday said Thailand now needed to address growing spending needs, while keeping public debt under control.
While Thailand’s public debt rose due to the pandemic response, overall fiscal risks remain manageable, the bank said. REUTERS
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