Thailand's economy has gone into stagflation because of a fragile recovery and surging price hikes, says an economist at the Economic Intelligence Center (EIC), a research unit under Siam Commercial Bank (SCB).
BANGKOK: Thailand’s economy has gone into stagflation because of a fragile recovery and surging price hikes, says an economist at the Economic Intelligence Center (EIC), a research unit under Siam C
Thailand's economy has gone into stagflation because of a fragile recovery and surging price hikes, says an economist at the Economic Intelligence Center (EIC), a research unit under Siam Commercial Bank (SCB).
The recovery will be slow and uneven across business sectors, BOT governor Sethaput Suthiwartnarueput was quoted by local media on December 8 at a forum hosted by the Foreign Ministry.Bank of Thailand governor Sethaput Suthiwartnarueput (Photo: Bangkok Post)The pandemic severely hurt the economy, especially the tourism sector, which accounts for 12 percent of GDP, he said.In 2019, Thailand recorded nearly 40 million foreign arrivals. The central bank expects about 6 million foreign tourists next year.Earlier, Siam Commercial Bank's research house has downgraded its 2022 economic growth forecast from 3.4 percent to 3.2 percent, as the COVID-19 Omicron variant is expected to take a toll on the global economy and delay Thailand's tourism recovery until at least the beginning of next year.Overall, the economy in 2022 would see a slow, steady rebound from lasting scarring effects, according to Yunyong Thaicharoen, chief economist at Siam Commercial Bank Economic Intelligence Center
Siam Commercial Bank's research house has downgraded its 2022 economic growth forecast from 3.4% to 3.2%, as the Covid-19 Omicron variant is expected to take a toll on the global economy and delay Thailand's tourism recovery until at least the beginning of next year.