Thailand’s GDP expands 2.7% in Q1

A street in Bangkok, Thailand (Photo: AFP/VNA)

Hanoi (VNA) – The Thai economy grew 2.7% in the first quarter from a year earlier, higher than the 1.4% expansion in the previous quarter, according to the National Economic and Social Development Council (NESDC).

The economy's recovery has turned a corner as Chinese tourists returned in recent months, boosting employment and domestic demand.

The revival of the tourism sector, which typically accounts for 11-12% of its GDP, is expected to help offset the impact from declining exports.

The NESDC kept its 2023 GDP growth forecast at 2.7% to 3.7%. Thailand grew 2.6% last year.

The council also retained its projection for this year’s foreign tourist arrivals at 28 million./.

VNA