BANGKOK :Thailand’s economy expanded at the fastest pace in a year in the second quarter as eased COVID-19 restrictions boosted activity and tourism, reinforcing views that more rate hikes will be needed to curb inflationary pressures.
Southeast Asia’s second-largest economy is making a steady recovery after the lifting of pandemic curbs but still faces headwinds ranging from inflation at 14-year highs to China’s slowdown and weaker global demand.
The government slightly revised its 2022 economic growth forecast to 2.7 per cent to 3.2 per cent from an earlier 2.5 per cent to 3.5 per cent range. Last year’s 1.5 per cent growth was among the slowest in Southeast Asia.
The Thai economy grew an annual 2.5 per cent in the June quarter, the fastest since the second quarter of 2021, data from the National Economic and Social Development Council (NESDC) showed on Monday.
That compared with a…
