BANGKOK- Thailand’s economy returned to growth in the fourth quarter, rebounding more quickly than expected, on robust exports and a recovery in domestic activity following an easing of coronavirus curbs and as borders reopened to foreign visitors.
The government maintained its economic growth outlook at 3.5 percent-4.5 percent, counting on a limited impact from the Omicron-driven coronavirus outbreak, stronger domestic demand, a recovery in tourism and continued support from exports and public investment.
In 2021, Thailand’s economy grew 1.6 percent, one of the slowest in Southeast Asia, after a 6.1 percent contraction in 2020.
Southeast Asia’s second-largest economy expanded a seasonally adjusted 1.8 percent in the December quarter from the previous three months, data from the National Economic and Social Development Council showed, outstripping a forecast 1.4 percent increase in a Reuters poll, and after a revised seasonally adjusted 0.9 percent contraction in the third quarter.
The economy is likely to perform well in the first quarter of this year, based on indicators so far, but there is some inflationary pressure, NESDC chief DanuchaPichayanan told a news conference.
“The main driver will be exports and fiscal disbursement, with tourism and domestic consumption adding to the support,” he said.
