Thailand’s economy grew by 1.5% in the first quarter, driven by exports and tourism. The NESDC revised its GDP outlook to 2.5% growth, avoiding a technical recession.
The Thai Economy’s Growth in the First Quarter
The Thai economy exceeded expectations with a GDP growth of 1.5% in the first quarter of the year, as reported by the National Economic and Social Development Council (NESDC). This growth rate helped the country avoid a technical recession, showcasing resilience compared to the previous quarter’s economic contraction of 0.4%. Factors contributing to this growth included private consumption, exports, and an uptick in tourism.
Key Takeaways from the Economic Growth
- Thailand’s GDP grew by 1.5% year-on-year, surpassing expert expectations.
- Growth was driven by private consumption, exports, and tourism.
- Quarter-to-quarter analysis showed a 1.1% expansion in the Thai economy.
- The NESDC revised the GDP outlook to 2.5% from the initial estimate of 2.7%.
Factors Driving the Thai Economy’s Growth
The growth of the Thai economy in the first quarter was largely influenced by factors such as diversified exports, tourism, and foreign direct investment (FDI). The country’s emphasis on expanding its export portfolio beyond traditional products, successful promotion of tourism, and attraction of FDI due to strategic location and business-friendly policies have contributed to the economic resilience and growth seen in 2024.
Source : Thailand’s economy averts recession with 1.5% growth in Q1 2024
