Bangkok: Thailand’s economic growth up 2.7% in Q1 | Azad Times

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Azad Times News Desk.

Bangkok: Thailand’s economy grew 2.7 per cent in the first quarter of the year, thanks to a recovery in tourism and higher agricultural output, the country’s economic planning agency has said.

This marked a sixth consecutive period of expansion, accelerating from 1.4 per cent growth in the final quarter of 2022, according to the data released by the Office of the National Economic and Social Development Council (NESDC).

The improvement was attributed to the constant expansion of the service sector, driven by the country’s growing foreign arrivals, and the agricultural sector due to higher yields, Xinhua news agency quoted the NESDC as saying in a statement.

The NESDC maintained its gross domestic product forecast this year in the range of 2.7 per cent to 3.7 per cent, boosted by a further recovery in tourism and steadily expanding private consumption.

It also forecast that the country’s headline inflation would slow this year, ranging between 2.5 per cent and 3.5 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 its vital tourism picked up pace.

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