On Wednesday, the Bank of Thailand raised its key interest rate for the first time since 2018 as inflationary pressures continue to weigh on the economy.
"[Advanced economies] are looking for a soft landing, but we're looking at trying to ensure a smooth takeoff," he added., largely unchanged from the previous forecast, before gradually falling into the target range in 2023 as the supply-side inflationary pressures subside."
"Inflation has been tracking quite high," BOT's Suthiwartnarueput said."But we don't see any kind of demand side inflationary pressure, it's all been driven by the supply side." Although inflation has been rising at a much faster rate in the past two months, Barclays' Sodhani said the central bank's 2022 headline inflation expectation of 6.2%"is much lower than our forecast of 7% for this year."Going forward, Suthiwartnarueput said a pickup in tourism will be a key driver for Thailand's economic growth.
Barclays' Sodhani said, however, tourist arrivals will not impact growth"in a very big way if those that are coming are not spending enough."
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