BANGKOK: Thailand’s economy expanded 1.8 per cent in the second quarter as tourism picked up pace amid weak exports due to the global economic slowdown, the country’s economic planning agency said Monday, reported Xinhua.
This marked a seventh straight period of expansion, easing from a 2.6 per cent growth in the first quarter, which was revised down from 2.7 per cent stated earlier, according to the data released by the Office of the National Economic and Social Development Council (NESDC).
The Thai economy was primarily driven by increasing private consumption despite the slowdown in private investment and the export of services. Meanwhile, merchandise exports, public investment, and government expenditure contracted, the NESDC said in a statement.
The NESDC downgraded its gross domestic product (GDP) forecast this year to a range of 2.5-3.0 per cent from the 2.7-3.7 per cent projected earlier, as the value of goods exported is projected to drop 1.8 per cent year-on-year compared to the 5.4 per cent growth in 2022.
It also forecast that the country’s headline inflation would slow further this year, ranging between 1.7 per cent and 2.2 per cent year-on-year.
The Southeast Asian country’s economy expanded 2.6 per cent in 2022, recovering from 1.5 per cent growth in 2021, as the vital tourism recovery continued apace. -Bernama
