Thailand's economy continues to recover

BANGKOK: Thailand's economic recovery continued apace, with its gross domestic product (GDP) up 2.2 per cent year on year in the first quarter, official data showed on Tuesday.

The growth accelerated from a rise of 1.8 per cent registered in the previous quarter, according to data released by the Office of the National Economic and Social Development Council (NESDC). Seasonally adjusted, the country's economy climbed 1.1 per cent from the last quarter of 2021, Xinhua news agency quoted the NESDC as saying. The Council expected the country's GDP to expand in the range of 2.5 per cent-3.5 per cent from one year earlier in 2022, supported by the improvement of domestic demand and the tourism sector.

The Southeast Asian country's tourism revenue stood at 144 billion baht ($4 billion) in the first quarter of 2022, expanding for the first time in 11 quarters by 63.8 per cent due to the relaxation of Covid-19 control measures, the progress of vaccine distribution and the government's tourism stimulus policy, the NESDC said. Thailand's economy grew 1.6 per cent year on year in 2021, rebounding from a contraction of 6.2 per cent in 2020. IANS

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