Home Business Economy

Thai Economy Improves, But Protests, Coronavirus Remain Threats – BoT

government shopping incentive program to have little benefit

Thailand’s economy improved in the third quarter but still faces risks from Covid-19, political protests and labor problems, the Bank of Thailand said Friday.

Chayawadee Chai-Anant, senior director of the BoT’s Economic and Policy Department, said the economy picked up in September given restored economic activities in many sectors, long holidays and government spending. Consumption in the private sector became stable after its previous contraction.

Export value fell 4.2 percent year-on-year in September, compared with an 8.2 percent decline in the previous month. In the third quarter, export value amounted to US$58 billion, an 8.2 percent drop compared with a 17.8 percent decrease in the second quarter. Investment in the private sector showed a smaller decline in accordance with recovery in manufacturing. Meanwhile, tourism seriously shrank due to limited international travels.

In the third quarter, Thai economic indicators showed signs of improvement thanks to the relaxation of local and overseas lockdown measures.

Chayawadee said factors to be monitored included the reopening of the country to welcome visitors, coronavirus situations in other countries and uncertainties in the labor market, the automotive industry and local political situations.