Thailand’s economy on track for recovery: FPO
Bangkok (VNA) – Thailand’s economic figures in January showed signs of recovery with a
rebound evident in tourism, consumption, and exports, though private
investments have slowed down, the country’s Fiscal Policy Office (FPO) said.
Pornchai Theeravet,
FPO director-general, said on February 28 that Thailand's exports expanded for
six consecutive months to 22.65 billion USD in January 2024, marking a
year-over-year increase of 10%.
He added that Thailand
showed signs of economic stability in January, which was reflected in the
headline inflation rate of 1.11%, while the core inflation rate was 0.52%.
The country’s public
debt ratio to GDP as of the end of December came in at 61.3%, which was still
within the range allowed by the Financial Discipline Act.
He said another
indicator of Thailand’s economic strength was the high level of foreign
reserves at 221.6 billion USD.
According to the FPO
director-general, private consumption in Thailand in January had improved from
the previous month, reflected by the sale of cars which had risen 2.4%
from the same month last year, and 9.4% from the previous month.
He added that the
collection of value-added tax (VAT) rose from the previous month by 1.1%, but
had dropped 2.7% compared to the same month last year. He said the average
income of Thai farmers had also risen by 0.6% from January last year.
Meanwhile, Thailand’s
consumer confidence index rose to 62.9 points in January from 62 in December.
He added that this index has been rising for six consecutive months and is at
its highest in 47 months./.