BANGKOK– A GDP growth rate of as high as 3.7 percent has been recorded in the second quarter of this year, leading to an upward revision of the growth estimate for the entire year.
The National Economic and Social Development Board (NESDB) has announced that GDP in the second quarter jumped 3.7 percent, the highest rate in 17 quarters or over four years. The significant increase signified a more robust recovery in the Thai economy fueled by public spending and private consumption and investment.
Exports, meanwhile, were valued at over 56 billion US dollars, increasing by 8 percent in line with growing economies of Thailand’s trading partners. Judging from the improvements in exports as well as public and private investment, tourism and agricultural household income, the NESDB decided to adjust the annual economic growth forecast up from 3.3-3.8 percent to 3.5-4.0 percent.
Nonetheless, there remain some risk factors for the Thai economy, such as uncertainties in the US economic and trade policies, geopolitical conflicts that could affect trading partners and continuity of the government’s mega infrastructure projects.