Thailand’s economic growth slowed to 1.5 percent in Q1—Xinhua

A worker packs durian fruits at a processing factory in Chanthaburi, Thailand on April 26, 2024. (Xinhua/Wang Deng)

BANGKOK, May 21 (Xinhua) — Thailand’s economy expanded 1.5 percent in the first quarter of 2024, driven by tourism and private consumption, the country’s economic planning agency said Monday.

According to data released by the National Economic Office, gross domestic product (GDP) in the January-March quarter slowed from 1.7 percent growth in the previous quarter. Community Development Council (NESDC).

On a quarterly basis, the economy grew by a seasonally adjusted 1.1 percent in the first three months of this year, recovering from a revised 0.4 percent decline in the October-December quarter, the NESDC said in a statement.

NESDC expects the Southeast Asian country’s economy to grow in the range of 2.0-3.0 percent this year, up from 2.2-3.2 percent, on the back of an expansion in government spending and a continued recovery in tourism, supported by public investment. Favorable growth in sector and private consumption and investment.

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