Thai economy picks up slightly in first quarter
bangkok — Thailand’s economy saw a slight pick-up in the first quarter of the year, data showed on Monday, as the juntarun nation recovers from a dip caused by the recent death of its long-reining king.
The first three months of the year saw gross domestic product expand 3.3 per cent year-on-year, up from 3 per cent the previous quarter.
Thailand spent the close of last year plunged into a period of national mourning after the October death of 88-year-old King Bhumibol Adulyadej whose reign spanned seven decades.
The subdued atmosphere hit consumption as the nation toned down celebrations and festivities as a mark of respect.
Government officials will continue to mourn for a full year. But the first-quarter growth suggests business sentiment has improved.
Porametee Vimolsiri, secretary general of the economic planning agency, said growth was fuelled by “the agriculture sector, government spending and growth in the export sector”.
He said Thailand’s was expected to grow between 3.3 and 3.8 per cent this year, compared with 2016’s 3.2 per cent.
While those figures would bring delight to most western industrialised countries, Thailand still has one of the worst performing economies in Southeast Asia.
After two decades of roaring growth that saw the middle class boom, the nation has seen its financial fortunes stutter in recent years.
Political instability, including two army coups in a decade, coupled with high household debt and falling export competitiveness has dulled Thailand Inc.
If growth does not pick up the military, which seized power in 2014 vowing to kickstart the economy, risks losing the support of sections of the middle class and business community. — AFP