As the new Omicron variant of Covid-19 emerged, the Bank of Thailand has been closely monitoring the outbreak, given its potential to impact Thailand’s economic recovery.
The central bank said in order to revise the rest of this year and next year’s economic growth, it will need more time to gather information to thoroughly analyze the effects of the Omicron outbreak.
According to Chayawadee Chai-Anant, the Bank of Thailand’s senior director, The World Health Organization, and countries around the world may need weeks to understand the Omicron variant and its capability.
However, nations around the world including Thailand are much more prepared than they did for the Delta variant. The public health system has been much more equipped, with a sufficient amount of Covid-19 vaccines.
Although Thailand had already welcomed some African tourists, the Centre for Covid-19 Situation Administration said Omicron infections have not been found in the country.
On a different note, the central bank reported that private consumption grew by 1.6% in October on a month-on-month basis, following on from a 5.8% growth in September.
The value of merchandise exports increased for two months in a row, growing 1.3% in October and 2.2% in September.
Foreign tourists increased to 20,272 in October, rising from 12,237 in September and 15,105 in August. Since January 2021, Thailand has already counted 10,600 foreign visitors.
In addition, the bank’s Monetary Policy Committee (MPC) meeting in December will probably come up with the revised version of Thailand’s economic growth outlook for 2021 and 2022 when it has more information about the Omicron variant.