World Economy

Thai Economy Contracts

Thai Economy ContractsThai Economy Contracts

Thailand’s economy likely contracted in the first quarter from the previous three months but looks set to return to growth in April-June, a central bank official said on Tuesday, Reuters reported. “There is a high chance that the GDP will be negative given the data we have tracked,” Don Nakornthab, director of the Bank of Thailand’s Macroeconomic Policy Office, told reporters. The second quarter would be helped by improved exports and government investment, he added. Last week, Arkhom Termpittayapaisith, head of the national planning agency, which compiles GDP data, said growth in the first quarter was estimated at around 3% compared with the same period a year earlier. Official first-quarter GDP data is due on May 18. The army seized power last May to end months of political unrest, but the economy has remained stubbornly weak.