Thailand’s GDP growth is unlikely to increase in the second half of this year as anticipated by the Bank of Thailand (BOT), according to the chairman of the National Economic and Social Development Council (NESDC), Mr. Supavud Saicheua.
Supavud says the tightening monetary policy of the central bank’s Monetary Policy Committee (MPC) has impacted access to loans for individuals and small and medium-sized enterprises (SMEs), as well as increasing financial costs for borrowers.
This scenario has dampened purchasing power, economic activity, along with the country’s GDP growth rate, he adds.
The NESDC reports a GDP growth rate of 1.5% year-on-year for the first quarter of 2024. Meanwhile, the central bank anticipates GDP growth to rise to 2%, 3% and 4% in the second, third and fourth quarters, respectively. However, the NESDC chairman believes the growth will not reach 3% and 4% in the third and fourth quarters as forecasted by the central bank.
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