Thai economy to continue recovery

The Bank of Thailand (BoT) is confident that the country's economy will continue to recover although it warns that risks are increasing. The BoT said the country's growth will be driven by improving local demand and foreign tourist numbers. However, it warned that downside risks to short-term growth have increased due to the prolonged shortages of some raw materials. The Thai central bank expects economic growth of 3.2% this year and 4.4% next year, with foreign tourists at 5.6 million and 19 million, respectively. It predicted inflation at 4.9%, exceeding its target range of 1-3%, before slowing to 1.7% in 2023.