Thailand’s economy has grown for a second straight quarter, boosted by a strong recovery in the country’s manufacturing sector. South-east Asia’s second largest economy grew by 1.3% between July and September from the previous quarter, official figures showed.
However, the rate of growth was less than economists had predicted.
Thailand’s economy was hit hard by the global downturn as well as by political unrest at the end of 2008.
Manufacturing grew by 2.6% in the quarter, the figures from the National Economic and Social Development Board (NESDB) showed.
The services sector grew 1.5 percent in the third quarter from the previous quarter while manufacturing expanded 2.6 percent, according to the figures released by the National Economic & Social Development Board. Agriculture shrank 3.9 percent due to lower prices and a fall in production of major crops like paddy rice.
The economy remained smaller than a year earlier in the third quarter with gross domestic product down 2.8 percent.
Still, that was an improvement from year-on-year falls of 4.9 percent in the second quarter and 7.1 percent in the first quarter.
The state economic agency expects Thailand’s GDP to shrink about 3 percent this year compared with 2008.
World Bank lowers Thai GDP growth outlook to 2.2%
In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.
BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.(more…)
Thailand’s Economy and COVID-19: Five Things to Know
Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.
Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.(more…)
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