Slow pace of recovery: BOT

 

In its monthly economioc report, the central bank said that in the month Thailand also welcomed more tourists from Malaysia as their private buses were temporarily allowed to travel outside Songkhla province until the end of October.

Nevertheless, signs of recovery in the number of foreign tourists from Europe and the US remained unclear as these groups of tourists have long-term travel plans and the euro area economies have softened.

In the month, the Thai economy showed broad-based improvement. Aside from the tourism sector, private consumption continued to recover. Public spending accelerated and merchandise exports expanded on the back of improvement in global demand and a temporary boost from exports to the euro area ahead of Thailand’s GSP tax privilege expiration. Meanwhile, manufacturing production rose from the previous month in line with both domestic and global demand.

Yet, the recovery in economic activities remained at a slow pace, the central bank noted.