The Bank of Thailand estimates that the country grew by just 1% in the first quarter on both a quarterly and annualised basis, reported the Bangkok Post.
At a supermarket in Bangkok, Thailand. (Photo: AFP/VNA)
Bangkok (VNA) - The Bank of Thailand estimates thatthe country grew by just 1% in the first quarter on both a quarterly andannualised basis, reported the Bangkok Post.
The Thai economy slowed in March as domestic demand andtourism softened after expanding well in the preceding periods, and partlybecause the benefits from the Easy E-Receipt campaign dissipated, the centralbank said.
“Despite this slowdown, the economy showed signs ofimprovement in the first quarter compared to the previous one,” it added, ascited by the daily newspaper. “But overall growth was likely to remain low on ayear-on-year basis.”
The country recorded a current account surplus of 1.1billion USD in March, down from 2 billion USD in the previous month, it said. Volatilityin the THB has decreased, it added, but the currency could weaken further inthe second quarter due to external factors and in line with regional peers.
March exports fell 10.2% year-on-year, while imports in themonth were up 5.2% from the same period last year, it said.
Thailand expanded 1.9% last year, slower than expected andless than 2.5% growth in 2022, lagging other larger economies in the region./.
The Bank of Thailand (BOT) recently said Thailand’s current level of the benchmark interest rate was nearly balanced, adding that monetary policy would not be affected by a delay in the formation of a new government.
Although the Bank of Thailand (BoT)'s revised GDP growth forecast of 3.2-3.8% next year is possible, analysts are warning that an economic slowdown in China and the US means downside risks remain, while the effectiveness of the government’s stimulus to ignite the economy is questioned, local media reported.
Thailand's export sector has lost competitiveness in global markets, with the market share of rice shipments falling by more than 50% over the past 20 years, according to the Bank of Thailand (BoT).
The Bank of Thailand (BoT) said it has intervened in currency markets at times to ease any excessive moves in the THB, adding that the current policy rate is robust and conducive to economic recovery, reported the Bangkok Post.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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At a supermarket in Bangkok, Thailand. (Photo: AFP/VNA) 
