STOCK MIDDLE – The Bank of Thailand or BoT indicated that the Thai economy slowed in March, and in the next period, it could grow further from tourism and government spending.
Prinni Sudtasree, Senior Director Ms Macroeconomics Department The Bank of Thailand (BoT) released an overview of the Thai economy for March 2024, finding that the Thai economy slowed this month due to domestic demand. And the tourism sector has slowed down after being very accelerated in the previous period
The first quarter of 2024 was better than the previous quarter.
Meanwhile, the overall economy improved in 1Q24 from the previous quarter. But compared to last year, the growth rate is still low, around 1%, driven by the continued good tourism sector. As a result, private investment improved following gradual investment by service sector new businesses while related employment expanded.
Support tourism and government spending
The BoT believes that the Thai economy will grow from tourism and government spending as the main driving forces for trends in the next period. But we still have to follow the recovery of exports, however, the export value turned very negative in March. This is because last year the base was higher. This is as expected by the Monetary Policy Committee (MPC), but exports are believed to recover slowly and are not a matter of concern.
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