Data released today reveals that Thailand’s economy expanded faster than anticipated in the first quarter, with the return of private consumption and tourism helping to counterbalance slowing exports. As the country grapples with the effects of COVID-19, its recovery has been slower compared to regional neighbours. However, the resurgence of tourism – particularly the recent influx of Chinese visitors – has helped to support employment and domestic demand, with the sector expected to offset potential losses from declining exports.
As the nation anticipates the formation of a new government following its surprise election result yesterday, Thailand’s state planning agency maintains its economic growth outlook for 2023. According to the National Economic and Social Development Council (NESDC), the Southeast Asian economy experienced 2.7% growth from…
