Thailand records current account surplus of $1.3bn

Thailand recorded a current account surplus of US$1.3 billion in February, after a revised deficit of $2.1 billion in the previous month, the Bank of Thailand (BoT) said on Friday.

Exports, a key driver of growth, declined 4.1% year-on-year in February, the central bank said in a statement.

The World Bank said on Friday that the Thai economy is expected to grow by 3.6% this year, up from 2.6% last year, supported by stronger private consumption, a recovery in the tourism sector and strong pent-up demand following China's reopening.

The 2023 outlook was unchanged from a forecast in December, and compared with 4.1% growth predicted in September.

The World Bank projects economic growth of 3.7% in 2024.

Foreign tourist arrivals are expected to rise to 27 million this year and "surpass the pre-pandemic level by 2024", the World Bank said in a report.

On Thursday, the Commerce Ministry said the country's export sector is likely to gradually recover in the latter part of the year, as inflationary pressures and global supply chain issues align with energy price trends.

The rebound of the service and tourism sectors should also boost demand from trading partners, the ministry said.