Bangkok – The Bank of Thailand (BOT) reported that the overall economy of Thailand grew steadily in February, attributing the expansion to private consumption and rebounding agricultural prices.
BOT senior director Don Nakornthab said that while a new government has yet to be formed, the current administration has full authority to mobilize large investment projects including those in the eastern region, expressing confidence that the current political situation will not impact the country’s mobility or the economy.
Don said the Thai economy grew in all dimensions in February in alignment with higher private consumption and higher purchasing power among consumers and agriculturists. Prices of palm oil, rubber, and white rice also increased.
Private sector spending on large machinery and government spending increased in February compared to the previous month, but government expenses contracted year-on-year.
As for tourism, the number of Chinese visitors shrank slightly, considering there were fewer attractions in February than the first month of 2019. However, Thailand saw increased visitor arrivals from other parts of Asia such as Malaysia, South Korea, and Japan.
Don added the country continued to feel the impact of the trade dispute between China and the US as Thai exports went down 1.7 percent in February compared to the same month last year, but anticipated that the sector will recover in the second half of 2019 which is when the central bank’s senior economist expects the trade war between the two superpowers to die down. This year’s exports are projected to grow 3 percent.
