Thai economic recovery slower than expected, Bank of Thailand governor confirms

Economic recovery in Thailand is underway but progress is slower than anticipated, particularly in the areas of tourism and exports, according to Sethaput Suthiwartnarueput, governor of the Bank of Thailand (BoT). In a recent business seminar, Sethaput expressed concerns over a less-than-rosy picture of the nation’s economy, with exports and tourism spending falling short of expectations.

Despite these challenges, he mentioned that Thailand is expected to welcome 29 million foreign visitors this year. In an effort to stabilise the economy and curb inflation, the central bank has incrementally raised its key rate seven times, reaching 2.25% since last August. Sethaput acknowledged the risk of inflation due to the El Nino weather pattern, which could potentially escalate food prices.

Still, he maintained that the overall economic…