Thailand’s economy improved in June and the momentum is expected to continue in the second half of 2022 on the back of increased tourism and domestic consumption as pandemic drag eases.
As the revitalized tourism sector gave the economy a positive boost, Bank of Thailand (BOT) senior director Chayawadee Chai-Anant said officials were watching for inflation, epidemics and global economic problems.
She said Southeast Asia’s second-largest economy improved in the second quarter from the previous quarter, with annual growth expected at 3% or slightly higher.
The official second quarter gross domestic product will be released by the state planning agency on August 15. In the first quarter, annual GDP growth was 2.2%.
Chayawadee noted that the Thai baht and regional currencies are still on a downward trend due to the strong dollar.
However, she said the baht depreciated more than its peers in July, amid fears China’s economy was recovering slower than expected and this could affect Thailand.
In June, the economy improved from the previous month. Exports rose 11.1% year on year, while imports jumped 24.3%, resulting in a dollar trade surplus of US$2.1 billion in the month.
Meanwhile, the country posted a current account deficit of $1.9 billion in June, down from a deficit of $3.7 billion the previous month.(NNT)