On October 17, 65, Mr. Anucha Burachaisri, Deputy Secretary General to the Prime Minister for Political Affairs Acting as spokesperson for the Prime Minister’s Office Mentioning the International Monetary Fund’s World Economic Outlook report. (International Monetary Fund (IMF)) for July 20, the world economy is predicted to grow at 3.2% in 2022, with higher inflation worldwide. especially in the United States. and the main economic areas of Europe It also caused a lot of stress in the global financial situation. due to the economic slowdown in China and Russia while consumer spending in the United States was lower than expected
Mr Anucha went on to say that in the IMF report released last September, It predicts that Thailand’s gross domestic product (GDP) in 2022 will grow by 2.8 percent, unchanged from the July report. Because of the long war in Ukraine caused domestic demand to slow Reasons for higher commodity prices and less external demand The IMF report also said that the economy in Thailand, which will expand 1.5% in 2021 after falling 6.2% in 2020, driven by the rapid policy response. and the recovery of the export sector, and the IMF also reiterated that Thailand’s economic growth trend is mainly dependent on the return of foreign tourists. prepared to warn that rising energy prices could affect private consumption. and external demand In addition, the Thai economy still has challenges to keep an eye on. is the global financial situation tight The rapid slowdown of the Chinese economy amid an expanding private sector balance sheet could stall an economic recovery.
In addition, the Bank of Thailand (BOT) predicts that the Thai economy is likely to expand continuously at 3.3% and 3.8% in 2022 and 2023, respectively, in line with the momentum of the tourism sector. and private consumption is important The tourism sector recovered better. due to the continued increase in the number of foreign tourists In addition, the economic recovery is more thorough. in terms of the dimensions of the business area, especially the service sector and in the income dimension which started to spread better while the global economy slowed down more than expected affecting the export sector But it does not affect the overall economic recovery trend. while the overall financial system is stable Commercial banks have strong levels of capital and reserves. The debt serviceability of businesses and households improved in line with economic recovery. But there are still small and medium-sized businesses in some business sectors that are slowly improving. and some low income households who are still sensitive to the cost of living
However, debt restructuring measures should continue. including the importance of having specific measures and sustainable debt solutions for vulnerable groups It is also expected that the Thai economy will return to the level before the Covid-19 situation spread. by the end of this year or early next year This is a good sign to drive all sectors in line with the improving economic situation.
In addition, the Bank of Thailand has also introduced factors that will enable the Thai economy to grow sustainably. which must be achieved in 3 important areas: 1. Household debt must be reduced to a sustainable level 2. Environmental sustainability The financial sector should help promote the transition of the economy towards sustainability 3. Digital Finance Infrastructure Accelerate the infrastructure digital payment
Mr. added Moreover, According to the Monetary Policy Committee (MPC) at its meeting on 28 September, it was unanimously decided to raise the policy rate to 1.00% per annum, which is a gradual increase in the policy rate. to a level suitable for long-term stable economic growth This is in line with the expectation that the Thai economy will continue to grow this year. It will recover from tourism activities. and more private consumption. Also, general private borrowing costs are favorable to raising money.
“General Prayut Chan-o-cha, Prime Minister and Minister of Defense has instructed all the relevant agencies to prepare and implement the policy Caring for the general economy to grow continuously and sustainably as well as set financial measures to cover all a group of people Not to leave vulnerable groups such as soft loans, sustainable debt restructuring measures, etc. The IMF and BOT forecasts reflect the stability of the Thai economy which is still in a good and stable condition. the world economy is very good,” said Mr Anucha.
