"Although under the baseline scenario the Omicron outbreak would not derail the overall Thai economic recovery, the outbreak situation remained highly uncertain," wrote the minutes of the central bank's monetary policy meeting.
The spread of the Omicron variant is a key risk that could hinder the economic recovery going forward, and thus warrants close monitoring, it said, adding that the severity of the outbreak and the strictness of government's containment measures will define the level of impact that Omicron has for this year's economic rebound.
The central bank expected the Thai economy to expand 3.4 percent and 4.7 percent in 2022 and 2023, respectively, with growth driven by domestic spending, a gradual improvement in foreign arrivals, as well as the recovery in various business sectors.
On Dec. 22, the Bank of Thailand's monetary policy committee unanimously voted to keep the benchmark interest rate at a record low of 0.5 percent for a 13th consecutive meeting to support the economic recovery.
As of Tuesday, the Southeast Asian country has detected 2,062 Omicron cases of COVID-19.