Thailand’s first quarter growth has expanded by 5 year high of 4.8 percent, according to the country’s economic monitoring agency.

Deputy Secretary-General of the National Economic and Social Development Board, Wichayayuth Boonchit revealed that the high growth was attributed to a 3.6 percent boost in private sector consumption as a result of the government’s assistance plan for low income citizens.

Low inflation and interest rates, coupled with continued private sector investment from last year’s 4th quarter, were also contributing factors. reports Thailand’s news agency NNT

Most notably, applications for investment assistance in the Eastern Economic Corridor (EEC) have reached 165 billion baht while government investment has seen positive growth for the first time in four quarters.

Meanwhile, exports have continued to expand at a rate of 9.9 percent, approaching 61.9 billion US dollars. Increased demand due to growth in exports and private sector consumption has resulted in a 3.7 percent growth in the industrial sector due to increased demand.

The agricultural sector has also benefited from favorable weather conditions and sufficient water supply, expanding at a rate of 6.5. In addition, the tourism sector has garnered up to 573 billion baht from foreign visitors and 267 billion from domestic tourists.

The board has therefore adjusted its growth forecast for this year to 4.5 percent, up from the previous figure of 4.1, with a range of between 4.2 and 4.7 percent.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Japan agrees defence deal with Thailand

As the leader of Asia’s sole member of the Group of Seven (G7), Kishida discussed Russia’s invasion of Ukraine during his trip to Southeast Asia, where only one nation – Singapore – has joined sanctions against Moscow

Thailand’s Competitiveness Ranking Drops Five Places to 33

The Kingdom scored 68.67 this year, a significant drop from last year’s 72.52. Thailand’s score is well below this year’s average of 70.03.

Which emerging markets are looking to bolster electric vehicle production?

Thailand is not alone in the region when it comes to building up its EV capacity, with Indonesia also unveiling a series of measures in recent years.