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Economy to Improve Further On Consumption and Tourism

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Thailand’s economy improved in June and the momentum is expected to continue into the second half of 2022 thanks to increased tourism and domestic consumption as pandemic curbs ease.

While the revitalized tourism sector has been a positive boost to the economy, Bank of Thailand (BOT) Senior Director Chayawadee Chai-Anant said officials are monitoring inflation, disease outbreaks and global economic issues.

She said Southeast Asia’s second-largest economy improved in the second quarter from the previous quarter, with annual growth expected at 3% or slightly higher.

Official second-quarter gross domestic product will be released by the state planning agency on August 15. In the first quarter, annual GDP growth was 2.2%.

Chayawadee noted that the Thai baht and regional currencies are still on a weakening trend due to dollar strength

However, she said the baht depreciated more than its peers in July on concerns that China’s economy might recover slower than expected and that would affect Thailand.

In June, the economy improved from the previous month. Exports rose 11.1% from a year while imports jumped 24.3%, resulting in a trade surplus in dollar terms of US$2.1 billion in the month.

Meanwhile, the country recorded a current account deficit of $1.9 billion in June, down from a deficit of $3.7 billion in the previous month.

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