Thai economy: In May 2022, the inflation rate in Thailand had hit 7.1%—statistically speaking, it’s the highest rate in 13 years. If we look back earlier to January of this year, inflation was at 3.23%; in February at 5.28%; in March at 5.73%; and in April at 4.65%, respectively.
The primary reason for the higher inflation is the increasing costs of energy & fuel products, as well as of food and beverages. More particularly, the gas prices are soaring high globally.
The energy-related products have seen over 37.24% increase in prices on average. And the gas price itself is up about 35.89%, meanwhile cooking gas prices are increasing by 8% after they unpegged the prices. As for electricity, it saw an increase of 45.43% in prices following the change of floating electricity rates (Ft) during May to August. And finally, food and beverages’ prices have been up about 6.18%
On the solutions to this economic challenge, the Bank of Thailand (BoT) is considering to raise the national interest rate up by 0.25% by the third quarter of 2022, or as soon as applicable; following the conclusion of the upcoming meeting on August 10th.
As for the prediction of Thailand’s economic growth in 2022, the EIC (Economic Intelligence Center) predicted the growth for Thailand this year to be 2.9%, a little more than the original estimation of 2.7%. This is due to the supporting factor of recovering tourism and service industries toward the end of this year.
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