Thai economic recovery on track but exports weigh

The central bank is likely to reduce its 3.6% economic growth forecast for this year after a weaker-than-expected second quarter, said senior director Sakkapop. — Reuters

BANGKOK: Thailand’s economic recovery remained on track in July as private spending increased and the tourism sector expanded on higher foreign tourist arrivals, while exports declined, according to the central bank.

Economic activity going forward would mainly rely on tourism as exports, a key driver of growth, were not expected to improve until the final quarter of 2023, Sakkapop Panyanukul, a senior director at the Bank of Thailand (BoT), told a briefing yesterday.