Despite global concerns, the Thai Ministry of Finance has stated that the economy is continuing to grow and that any future interest rate increases will be moderated to prevent a setback to the recovery.
At a recent business summit, Thailand’s Finance Minister Arkhom Termpittayapaisith reassured investors and businesspeople that the country’s economy is healthy and growing, citing the country’s low interest rates, enough liquidity, and sound fiscal and financial situations.
The Thai economy, the minister added, “has demonstrated once again that it is extraordinarily robust and can weather the storms,” with the third quarter’s annual growth of 4.5% being the strongest pace in more than a year.
It is predicted that the economy would rise 3.4% this year and 3.8% next year, he added, citing projections from the government.
Minister Arkhom continued by saying that the central bank would gradually raise interest rates as the economy improves, and that fiscal policy will be more focused on boosting growth and controlling inflation.
The tourist industry is expected to rise by 3.2% this year and 3.0% to 3.5% next year, according to a joint business group’s projections released on Wednesday, December 7th.