BANGKOK, May 17 : According to data released on Tuesday, Thailand’s economic recovery is in steady progress. Indeed, its gross domestic product (GDP) grew by 2.2 percent year-on-year in the first quarter.
Statistics released by the National Economic and Social Development Council (NESDC) show that the country’s growth accelerated from the 1.8 percent increase in the previous quarter.
NESDC reports that Thailand’s economy grew by 1.1% compared to the last quarter of 2021, seasonally adjusted.
Thanks to the relaxation of covid rules, the rise of tourism and an improving domestic demand, the NESDC expects the country’s GDP to grow by 2.5% to 3.5% year-on-year in 2022.
Indeed, Thailand’s tourism revenue amounted to 144 billion baht (equivalent to US$4.16 billion) in the first quarter of 2022, increasing for the first time in 11 quarters by 63.8% due to the relaxation of COVID-19 control measures, progress in vaccine distribution and the government’s tourism stimulus policy, NESDC said.
Thailand’s economy grew 1.6 per cent year-on-year in 2021, rebounding from a 6.2 per cent contraction in 2020.