Central bank to revise Thailand's economic growth estimate

enews.mcot.net — BANGKOK, July 22 (TNA) - The Bank of Thailand (BoT) plans to revise the country's economic growth estimate for this year on July 28 by taking new changing factors into account. Amara Sripayak, senior director of the central bank's Monetary Policy Division, said the bank needed to consider new factors such as short-term relief measures for people, higher inflation rates, and policy interest rate hike by 25 basis points to ensure the growth estimate reflects clear economic conditions. She said the bank might revise its estimate for crude prices in Dubai for the year since the average crude price raised at the latest meeting of the Monetary Policy Committee seemed to be higher than it should be. At that time, the global crude price stayed at more than US$140 per barrel. But now the price has dropped by around $20 per barrel. The decline in the crude prices had a direct impact on the economic sector. So, the bank saw a need to revise the economic growth estimate and inflation figures on July 28.

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