Thailand’s economy in May improved from the previous month as tourism gathered momentum and private consumption increased while exports remained weak, according to the central bank.
The Bank of Thailand (BOT) expects economic growth at 3.6% this year and 3.8% next year, with the tourism sector a key driver, BOT said in a statement on June 30.
In May, Thailand recorded a current account deficit of 2.8 billion USD, after a revised deficit of 0.6 billion USD the previous month, it said.
Exports, a key driver of growth, dropped 5.9% year-on-year in May, from a 4.9% year-on-year drop the previous month.
Southeast Asia’s second-largest economy expanded by a more than expected 2.7% in the first quarter from a year earlier thanks to strong recovery of the tourism sector.
The BOT said it will closely monitor global financial market votality as well as the formation of a new government after the May 14 general election.
Thailand’s household debt to grosss domestic product ratio stood at 90.6% in the first quarter ofthis year, down from 91.4% in the previous quarter, it added./.
Source: Vietnam News Agency