PATTAYA, Thailand – The Bank of Thailand (BOT) reported on October 31, that Thailand’s economy showed slight improvement in September, despite a slowdown in the third quarter compared with the previous quarter.
Pranee Suthasri, Senior Director of the Macroeconomic Policy Department at BOT, said the labor market remained stable, with employment levels largely unchanged for Social Security Section 33 contributors and the service sector, except for restaurants and construction, which saw declines linked to the property sector. Claims for unemployment benefits also remained largely steady.
The Thai baht weakened in October, following previous gains driven by improving domestic political conditions. The U.S. dollar’s renewed strength, fueled by ongoing U.S.-China trade tensions and volatility in the global gold market, has contributed to the baht’s continued depreciation.
Looking ahead, BOT expects a gradual economic recovery, supported by increased industrial production, stronger electronics exports, and continued growth in tourism. Domestic demand is also being bolstered by government stimulus measures. However, the recovery will depend on the performance of the manufacturing sector, the impact of U.S. tax policies, and the effectiveness of government economic measures in the coming months, Pranee added.
