Thailand economy rebounds in Dec, central bank says

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Thailand economy rebounds in Dec, central bank says

The economy of Thailand rebounded in December boosted by increased tourism and domestic consumption, while exports were affected by the slowing economies of trading partners, according to the central bank on Tuesday.

Economic activity was likely to improve steadily as the vital sector gained momentum, the Bank of Thailand said in a statement, adding that it would monitor the global economy, costs and China's reopening.

Last week, the BOT raised its projections for foreign tourist arrivals to 25.5 million this year and 34 million next year, up from 22 million and 31.5 million, respectively. In the last year, Thailand had a record number of over 40 million visitors.

The government expects at least five million Chinese visitors this year, about half of the 2019 figure, as the reopening of China is expected to boost Thailand's tourism.

Thailand had a current account surplus of $1.1 billion in December, after a deficit of $0.4 billion in the previous month, according to the BOT.

Exports, a key driver of growth, dropped 12.9 per cent year-on-year in December.