Spurred by a revival in tourism and increased consumption, Thailand’s economy grew at its fastest pace in more than a year. Thailand is the second largest economy in ASEAN.
According to data from the National Economic and Social Development Council, Thailand’s economy expanded 4.5 per cent in the September quarter from a year earlier.
On a quarterly basis, gross domestic product (GDP) grew a seasonally adjusted 1.2 per cent in July-September, beating expectations for a 0.9 per cent rise.
The government said the economy would grow 3.2 per cent this year, compared with a previous forecast range of 2.7 per cent to 3.2 per cent.
Meanwhile, 2023 is projected to grow at 3 per cent to 4 per cent.
Thailand reported 1.5 per cent growth last year, which was among the slowest in the region.
Third-quarter growth was in line with expectations for a 4.5 per cent rise and marked an acceleration from the 2.5 per cent growth seen in the April-June quarter.
Thailand’s economy is on a steady recovery path, with growth in the crucial tourism sector gathering pace after the government lifted all COVID-19 curbs earlier this year but the outlook is clouded by risks of slowing global growth and high inflation.
As the central bank tries to strike a tricky balance between containing near 14-year high inflation while supporting the fragile recovery, this robust data on growth will likely to reinforce expectations for a 25-basis-point rate hike at the Bank of Thailand’s meeting
