BANGKOK – The government’s economic stimulus measures and the continuously expanding tourism sector result in the first quarter’s highest economic growth rate in three years, according to the National Economic and Social Development Board (NESDB).
NESDB Secretary-General Poramethi Wimonsiri said the Thai economy in the first quarter this year expanded by 3.2%, increasing from 2.8% in the fourth quarter last year. This three-year record growth was the result of spending and investment by the government, household spending as well as growing tourism.
Despite a 1.4% decrease in export growth, the country’s current account was still in surplus by more than 580 billion baht or 16.6% of the GDP, said Mr. Poramethi.
The NESDB has forecast that the 2016 Thai economy will expand by 3.3%, mainly due to the government’s spending and investment, past stimulus measures, low oil price and the improving agriculture sector in the latter half of 2016.
The secretary-general also warned against the global economy, decreasing global produce price, currency volatility and financial institutions’ strict loan rules.
