BANGKOK, 23 January 2013 The Bank of Thailand (BoT) is offering a somewhat rosy outlook for the local economy in 2013 as the global economic conditions look set to gradually pick up from now.
BoT Governor Prasarn Trairatvorakul said on Tuesday that the central bank has completed its prediction of the Thai economy in 2013, which suggested lower economic risks because of the recovering global economy.
Mr. Prasarn added that the BoT believes private investment will also continue to expand, due to strong domestic demand.
The central bank also forecast that the export sector will start to recover toward the level, which it will become a driving engine for the Thai economy again during the second half of this year.
The BoT Governor stated that all these positive factors will significantly help drive the local economy to expand further, even though parts of the state-initiated stimulus measures will expire sometime this year.
He went on to say that the inflationary pressure is likely to ease in 2013 as the recent nationwide implementation of the daily minimum wage should not have any impact on consumer prices because most entrepreneurs have already worked out their cost structures and boosted their productivity to cope with this issue.