Thai economy may take until early 2023 to normalise - central bank chief

[snoop1130]

FILE PHOTO: Bank of Thailand Governor Sethaput Suthiwartnarueput speaks during his first briefing on the economy and monetary policy after taking office in Bangkok, Thailand October 20, 2020. REUTERS/Chalinee Thirasupa/File Photo

 

BANGKOK (Reuters) - Thailand's tourism-reliant economy could take until the first quarter of 2023 to return to a normal position due to a third wave of coronavirus infections and uncertainty over its vaccine rollout, the central bank governor said on Monday.

 

The Southeast Asian country's latest, most severe outbreak emerged in April and has accounted for the vast majority of the its overall cases and deaths, while mass COVID-19 vaccinations will start next month.

 

With the third wave and the vaccine rollout highly uncertain, the economic recovery is expected to take time, Bank of Thailand Governor Sethaput Suthiwartnarueput told a seminar.

 

"It may have to wait until the first quarter of 2023 to get back to pre-COVID-19 levels," he said.

 

In March, the central bank said the economy might return to that level in the middle of 2022.

 

As the recovery will be slow, there is need to move quickly to resolve liquidity problems facing smaller businesses, Sethaput said.

 

The BOT recently introduced 350 billion baht ($11.2 billion) of soft loans and a debt scheme to help businesses.

 

The recent outbreak began to affect the economy in April as private consumption and investment dropped, while tourism stayed low, the BOT said in a statement.

 

Exports, another key driver of Thai growth, jumped 19.1% in April from a year earlier, while public spending continued to support the economy, it said.

 

Earlier this month, the BOT said the economy would expand at a much lower rate this year due to the latest outbreak.

 

The BOT's current GDP growth forecast is 3.0% this year and 4.7% next year. It is due to release new projections at its next policy review on June 23.

 

-- © Copyright Reuters 2021-05-31

 

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[hotchilli]

12 hours ago, snoop1130 said:

Thailand's tourism-reliant economy could take until the first quarter of 2023 to return to a normal position due to a third wave of coronavirus infections and uncertainty over its vaccine rollout, the central bank governor said on Monday

I love the optimism.

[jacko45k]

Sorry to say, just another might maybe comment from a suit stating the obvious.

[Isaan sailor]

And now watch exports fall, as the Baht rises yet again.  I’ve seen this movie before, and it doesn’t end well.

[Stargeezr]

Wow a former TAT member now working with the bank, amazing.  I  mean it is not that far from now until 2023.

  Maybe try 2025 or 2027 for a normal country after this pandemic.  Yup the guy is truly optimistic.

Geezer

[Almer]

With the infighting of control and decision making i think this is highly optimistic

[Thomas J]

What is "normalize"  meaning all the pulse stops?