Thailand's central bank says economic recovery on track despite shrinking exports-Xinhua

Thailand's central bank says economic recovery on track despite shrinking exports

Source: Xinhua| 2022-11-30 22:26:00|Editor: huaxia

BANGKOK, Nov. 30 (Xinhua) -- Thailand's central bank said on Wednesday that the country's economic recovery remained on track in October despite downward pressure from lower merchandise exports following a slowdown in trading partners' demand.

In October, the country's service sectors continued to expand, in line with increasing foreign tourist arrivals, while private consumption was supported by improving economic activities including employment, income, and consumer confidence, the Bank of Thailand (BOT) said in a statement on its website.

Although the core inflation edged up in October, Thailand's headline inflation fell from the previous month due to lower energy and fresh food costs, the statement said, adding that the labor market kept improving and almost reached its pre-pandemic level.

Sakkapop Panyanukul, senior director of the BOT's economic and policy department, expected the economy to maintain the recovery momentum, boosted by a strengthened tourism sector.

The continuity in economic activities and the benefits from a strengthened tourism industry, which lead to overall higher private consumption, will lead to sustained economic recovery in the coming months, Sakkapop said at a press conference.

Also on Wednesday, the BOT decided to raise its key policy rate for a third straight time, by 0.25 percentage points, in an effort to balance efforts between easing inflation and supporting economic growth.