The economy will continue to recover, driven by improving local demand and foreign tourist numbers, as recent negative shocks have had a limited impact on recovery, according to minutes of the Bank of Thailand (BoT)'s last policy meeting.
Downside risks to short-term growth increased, however, as there could be prolonged shortages of some raw materials while households and businesses could be affected by higher costs, the minutes released on Tuesday said.
On March 30, the BoT's Monetary Policy Committee unanimously voted to leave the benchmark interest rate at a record low of 0.50%, where it has been since May 2020, maintaining support for growth. Its next policy review is in June, and most economists expect no policy change through this year.
