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© Reuters. FILE PHOTO: Colourful umbrellas are seen in a restaurant as vacationers get pleasure from a seaside within the island of Phuket in Thailand January 19, 2023. REUTERS/Jorge Silva/File Photograph
By Devayani Sathyan
BENGALURU (Reuters) – Thailand’s economic system seemingly grew 3.1% within the April-June quarter from a yr in the past, up from 2.7% within the earlier quarter, pushed by elevated overseas vacationer arrivals, in keeping with the median forecast of 21 economists polled by Reuters.
On a quarterly foundation, gross home product (GDP) was forecast to have grown by a seasonally-adjusted 1.2%, a slowdown from the 1.9% development within the previous quarter, in keeping with a smaller pattern of forecasts within the Aug. 14-17 ballot.
Whereas the nation’s tourism-driven economic system is predicted to enhance steadily, customer numbers are nonetheless effectively beneath pre-pandemic ranges. Thailand is predicted to obtain 29 million vacationers this yr, down from 40 million guests in 2019, the final full yr earlier than the COVID pandemic.
Exports, a key driver of development, have contracted since October 2022, indicating weak international demand, particularly from China, Thailand’s largest buying and selling accomplice.
“The continued overseas tourism restoration amid returning guests together with from China, and resilient personal consumption underpinned the financial growth,” wrote Chua Han Teng, economist at DBS.
“But, the drop in merchandise exports, whereas stabilising, continued to pull headline development, and prevented a stronger development enchancment in 2Q23, given the difficult international financial atmosphere.”
Development was forecast to common 3.7% this yr, consistent with the Financial institution of Thailand’s estimate, and three.8% in 2024, a separate Reuters ballot confirmed.
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