Tourists shop a night market in Pai, Mae Hong Soon Province, Thailand, on Monday, Nov. 15, 2021. Thailand's economy last quarter suffered a smaller contraction than expected, with the Southeast Asian nation on track to rebound from the worst of the pandemic
BANGKOK: Thailand’s economy contracted less than expected in the third quarter as businesses started a slow recovery from the coronavirus-driven slump in activity, while the reopening of the tourism sector raised hopes of a steady revival.
The government upgraded its economic growth outlook to 1.2% this year, compared with a previous forecast of a 0.7% to 1.2% expansion, and projected 3.5% to 4.5% growth in 2022, thanks to an easing of Covid-19 curbs and a reopening to overseas travellers to reboot its vital tourism industry.
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