Thai c.bank to revise down forecasts for 2023 growth and inflation

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BANGKOK, Sept 5 - Thailand's 2023 economic growth and inflation are expected to be lower than previously forecast due to softer-than-expected exports and tourism spending, the central bank chief said on Tuesday.

Updated forecasts due later this month would see downward revisions to the earlier projection for 3.6% economic growth for 2023 and headline inflation of 2.5%, he said. Last year's economic growth was 2.6%. Fitch said in a statement that Thailand's recovery could be constrained by a global slowdown, while the new coalition government's economic stimulus policies could lead to higher government debt although it would support growth in the short term.

Speaking virtually at a Fitch seminar, Sethaput reiterated the current policy interest rate was close to a neutral level. Last month, the BOT raised its key interest rate for a seventh straight meeting to 2.25%. It will next review monetary policy on Sept. 27.

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