Bank of Thailand says gradual rate hikes appropriate for now

The Bank of Thailand predicts 9.5 million foreign tourist arrivals this year and 21 million next year, compared with 428,000 foreign visitors last year. (Photo: Wichan Charoenkiatpakul)

Thailand's economy will continue to recover this year and in 2023 and gradual interest rate hikes remain appropriate though the policy can be adjusted if the outlook shifts from forecasts, the Bank of Thailand said on Monday.

Economic growth is projected at 3.3% this year and 3.8% next year, the BoT said in a statement for an analysts' meeting.