© Reuters. FILE PHOTO: Tourists shop ahead of Lunar New Year celebrations in Bangkok’s Chinatown, Thailand, January 19, 2023. REUTERS/Athit Perawongmetha
BANGKOK (Reuters) – Thailand’s economy in February continued to improve compared with the previous month as the value of exports rose while private consumption and tourism activities also increased, the central bank on Friday.
Economic activity was seen rebounding, alongside rising tourist arrivals, the Bank of Thailand said in a statement, adding it would monitor any impact from global banking problems, as well as due to higher costs and China’s reopening.
On Wednesday, the BOT trimmed its projections for economic growth to 3.6% this year and 3.8% next year, down from earlier forecasts of 3.7% and 3.9%, respectively.
But it raised its forecasts for foreign tourist arrivals to 28 million this year and 35 million next year, up from 25.5 million and 34 million, respectively. That compared with a record of nearly 40 million visitors in pre-pandemic 2019.
Thailand recorded a current account surplus of $1.3 billion in February, after a revised deficit of $2.1 billion in the previous month, the central bank said.
The value of exports, a key driver of growth, declined 4.1% in February from a year earlier but rose from the previous month.