Thailand’s economy likely grew modestly in Q1

Thailand’s economy likely grew modestly in the first quarter, thanks to robust exports and an easing of Covid-19 restrictions and despite low tourist arrivals and high inflation dampening consumer spending, a Reuters poll found.

Southeast Asia’s second-largest economy is estimated to have expanded 2.1per cent in the January-March period compared with the same period a year earlier, according to a May 6-13 poll of 15 economists. It showed annual growth of 1.9per cent in the previous quarter.

“We expect Thailand GDP to recover moderately in 1Q22, given a rebound in economic activities after Covid restrictions eased,” said Lalita Thienprasiddhi, senior researcher at Kasikorn Research Center.

“Tourism recovery and strong exports will be the main driving factors for the Thai economy in 1Q22,” she said.

First-quarter gross domestic product (GDP) was estimated to have been 0.9per cent higher than in the previous quarter, according to a smaller sample of forecasts. That would be half of the quarterly growth of 1.8per cent in the fourth quarter of 2021.