BANGKOK, 22 September 2014 Mr. Prasarn Triratworakul, the Governor of the Bank of Thailand (BOT), has advised that this year’s GDP is expected to grow at a rate of 1.5%, while the export sector will grow at a rate of 3%, which is lower than previously projected. Moreover, consumption, spending and investment in both the public and the private sectors have been increasing. However, tourism is still struggling. The BOT will follow up on these figures again at the end of the month.
The BOT also combines with the Ministry of Finance; it is arranging a meeting with Mr. Sommai Pasee, the Finance Minister, this week to finalize the country’s monetary policy, especially tax increases, which have to be discussed further so as not to sharply raise product prices. The monetary policy will facilitate economic growth next year.
Recently, the Monetary Policy Committee has lowered the interest rate three times already, to the present 2%. This has led to higher domestic consumption and greater investment. However, the BOT remains ready to adjust the policy to respond to the country’s economic condition.