Bank of Thailand upbeat about economic growth in Q3
Thailand’s economic growth in the third quarter is likely to improve from the second quarter’s reading, mainly thanks to positive tourism growth and the government’s economic stimulus measures, according to the Bank of Thailand.
The Bank of Thailand feels upbeat about the country's economic growth in Q3. (Photo: bangkokpost.com)Bangkok (VNA) – Thailand’s economic growth in the third quarter is likely to improve from the second quarter’s reading, mainly thanks to positive tourism growth and the government’s economic stimulus measures, according to the Bank of Thailand.
Senior Director at the BoT’s macroeconomic and monetary policy department Don Nakornthab said GDP growth in the third quarter is expected to surpass 2.3 percent, which was recorded in the second quarter, and the economic expansion was supported by the government’s stimulus package, growth in the tourism sector and exports.
Thailand’s economy grew at the slowest pace in almost five years in the second quarter as exports and tourism deteriorated, buffeted by the US-China trade tensions and the strong Thai baht.
GDP rose 2.3 percent from a year ago, down from 2.8 percent in the first quarter, the National Economic and Social Development Council reported.
On August 20, the Thai cabinet gave the green light to a 316-billion-THB (10.13 billion USD) stimulus package deemed vital to boosting the country’s economic growth by 0.5-0.6 percentage point this year./.
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