Thailand’s economic activity improved in the last quarter of 2021, boosted by the recovery of demand both at home and abroad, the Bank of Thailand (BOT) said on Monday.
The country’s private consumption recovered after the government eased the COVID-19 control measures, while exports increased as demand from the country’s major trading partners recovered, said Chayawadee Chai-Anant, a senior director at BOT’s Economic and Policy Department.
The supply disruption problems also eased, which partially contributed to the improvement in Thailand’s manufacturing production, according to Chayawadee.
The country’s economic growth declined 0.3 percent year on year in the third quarter of 2021, and the fourth-quarter growth rate was due for release on Feb. 21.
The number of foreign tourist arrivals expanded during the last quarter of 2021 after Thailand reopened to fully-vaccinated tourists flying from low-risk countries and regions from November 2021.
The country planned to welcome back vaccinated visitors from all countries and regions from Feb. 1 amid efforts to revive the tourism sector and economic growth.
The BOT said during the fourth quarter of 2021, the country’s headline inflation climbed, driven by higher energy and fresh food prices, while the labor market continued to improve in line with the economic activities but still remained vulnerable.