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Thailand’s central bank says the economic recovery is on track despite reduced exports.

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 Thailand s central bank said on Wednesday the country s economic recovery remained on track in October despite downward pressure from lower merchandise exports following a slowdown in demand from trading partners In October the country s service sectors continued to expand in line with rising foreign tourist arrivals while private consumption was supported by improving economic activities including employment income and consumer confidence consumer the Bank of Thailand BOT said in a statement on its website Although core inflation rose in October Thailand s headline inflation fell from the previous month due to lower energy and fresh food costs the statement said adding that the labor market continued to improve and almost reached its pre October level the pandemic Sakkapop Panyanukul senior director of BOT s economic and policy department expected the economy to maintain recovery momentum buoyed by a strengthened tourism sector Continuation of economic activities and the benefits of a strengthened tourism industry leading to higher private consumption in general will lead to a sustained economic recovery in the coming months Sakkapop told a news conference Also on Wednesday the BOT decided to raise its key policy rate for the third time in a row by 0 25 percentage points in an effort to balance efforts between easing inflation and supporting economic growth Xinhua
Thailand’s central bank says the economic recovery is on track despite reduced exports.

Bank of Thailand

Thailand‘s central bank said on Wednesday the country’s economic recovery remained on track in October despite downward pressure from lower merchandise exports following a slowdown in demand from trading partners.

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In October, the country’s service sectors continued to expand, in line with rising foreign tourist arrivals, while private consumption was supported by improving economic activities, including employment, income and consumer confidence. consumer, the Bank of Thailand (BOT) said in a statement on its website.

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Although core inflation rose in October, Thailand’s headline inflation fell from the previous month due to lower energy and fresh food costs, the statement said, adding that the labor market continued to improve and almost reached its pre-October level. the pandemic.

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Sakkapop Panyanukul, senior director of BOT’s economic and policy department, expected the economy to maintain recovery momentum, buoyed by a strengthened tourism sector.

Continuation of economic activities and the benefits of a strengthened tourism industry, leading to higher private consumption in general, will lead to a sustained economic recovery in the coming months, Sakkapop told a news conference.

Also on Wednesday, the BOT decided to raise its key policy rate for the third time in a row, by 0.25 percentage points, in an effort to balance efforts between easing inflation and supporting economic growth. ■

(Xinhua)

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