SONGKHLA – Thai economy slowed down in the first quarter of 2016 due to weak consumer spending, investments and exports, the Bank of Thailand said.
Director of the BOT’s Macroeconomic Policy Office Pornpen Sodsrichai said the country’s economic expansion in the first 3 months of the year was very close to the BOT’s forecast of 3 percent. She said the figure showed that domestic economy was somewhat sluggish during the period due to a decrease in consumer spending, fewer investment activities, and underperforming exports.
Despite economic downturn in the first quarter, she said tourism and government spending continued to grow, both of which will be the main factors contributing to economic expansion in the second half of 2016. The country can expect to see more investments from the government in the latter half.
Lastly, the director said the global economic recession and the ongoing drought crisis are the two risk factors Thailand will have to watch out for.