The central bank of Thailand said on Friday that the country’s economy had improved further in February compared to the previous month, thanks to higher export values, stronger private spending, and better tourism.
The Bank of Thailand (BOT) predicted a pick-up in economic activity and a subsequent increase in tourist arrivals, adding that it would keep an eye on the effects of global banking issues, inflationary pressures, and China’s reopening.
On Wednesday, the BOT announced that the Monetary Policy Committee (MPC) voted unanimously to raise the policy rate by 0.25 percentage point from 1.50% to 1.75%, effective immediately
The central bank also cut its forecasts for economic growth, which were 3.7% and 3.9%, respectively, to 3.6% and 3.8% for this year and next year, respectively.
However, it raised its projections for international visitor arrivals to 28 million this year and 35 million the next year, from 25.5 million and 34 million, respectively.
