15:32 | 22/02/2019 Global Economy
Thai baht surpassed others in Asia to rise by 4 percent against US dollar as of late February, and is predicted to be one of the best-performing currencies in the region.
|Illustrative image - Source: Reuters|
The Thai economic growth figure, announced on the media on February 18, is believed to be behind the baht value hike. The currency is likely to maintain its top spot at least in the first quarter this year.
An expert at Tokyo’s Mizuho bank said strong baht performance is a result of basic economic indexes, including surplus in deposits. It shows that the currency is less vulnerable to impacts of the US – China trade war compared to those in the Republic of Korea and Taiwan (China).
According to monetary analysts, Thailand is less hurt by recession in the technological field than the RoK and Taiwan, making its baht more attractive.
Additionally, the recovery of tourism, which contributes 20 percent to the gross domestic product, also fueled the baht value.