BANGKOK :Thailand’s economy is projected to grow 2.7 per cent this year and 3.6 per cent next year, amid a highly uncertain global environment, the International Monetary Fund (IMF) said on Wednesday.
The 2024 outlook was higher than the 3.2 per cent forecast in mid-October, driven by improvements in external demand and continued solid growth in private consumption, the IMF said in a statement after a staff visit to Southeast Asia’s second largest economy.
The country’s current neutral monetary policy stance is appropriate, but the Bank of Thailand (BOT) should stand ready to tighten the monetary stance further if inflationary risks from external shocks or domestic policies materialise, the IMF said.
In September, the BOT unexpectedly raised the key interest rate by a quarter point to 2.50 per cent, the highest in a decade, saying growth and inflation should pick up next year. It will next review policy on Nov. 29.
The economy expanded 2.6 per cent in 2022.