Thailand's Central Bank Revises GDP Growth Forecast Upward to 2.1% for the Year

Deep News05-07

The Bank of Thailand's governor stated on Thursday that the country's Gross Domestic Product (GDP) is projected to grow by 2.1% this year. This figure is higher than the previous forecast of 1.5%, with growth expected to accelerate to 2.6% next year.

Governor Vitai Ratanakorn indicated to reporters that the upward revision in the growth outlook is partly attributable to the government's approval earlier this week of a 400 billion baht (equivalent to $12.39 billion) loan bill.

He added that the previous GDP forecast was based on an estimated loan size of 300 billion baht.

The governor noted that inflation levels in the third quarter are expected to rise due to the impact of a subsidy policy scheme.

Finance Minister Ekniti Nitithanprapas stated that the subsidy scheme is scheduled to be officially implemented in June.

According to data from the Ministry of Commerce, Thailand's overall inflation rate climbed to 2.89% in April, reaching its highest level in over three years, driven by rising energy prices.

The Ministry of Commerce anticipates that the full-year inflation rate will remain within the range of 1.5% to 2.5%, which falls inside the central bank's target policy band of 1% to 3%.

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