BOT Cut 2022 Growth Projection for Thailand to 3.2% as Inflationary Pressures Mount

Bank of Thailand cut the country’s economic growth forecast for 2022 to 3.2 percent as rising global energy prices result in inflation challenges intensifying.

The BOT’s Monetary Policy Committee (MPC) unanimously voted on Wednesday to maintain the policy rate at its historic low of 0.50 percent, citing Thailand’s economy’s continued recovery in line with domestic demand and tourism industry.

Despite the fact that the sanctions against Russia have caused gas prices, oil prices, and inflation to rise, the Thai economy is expected to grow throughout the year 2022-2023, said the central bank. 

GDP growth forecasts for this year have been lowered from 3.4 percent to 3.2 percent and from 4.7 percent to 4.4 percent in 2023.