Thailand’s economic growth in 2023, as measured by the gross domestic product (GDP), registered a 1.9% increase, according to the National Social and Economic Development Council (NESDC). This growth, however, was tempered by a decline in manufacturing and public spending, despite an upswing in private consumption and visitor numbers.
This growth bolsters the argument for an interest rate slash during the Bank of Thailand‘s (BoT) next policy review, scheduled for April 10. In their most recent meeting, the BoT decided to maintain the key interest rate at 2.50%, marking the highest level of more than a decade. The decision was not unanimous, with two members advocating for a rate cut.
The NESDC’s growth prediction for 2024 stands at 2.2-3.2%, a reduction from the earlier 2.7%-3.7% forecast made by the agency in November, reported Bangkok Post.
The…
