AFP, Bangkok :
Thailand’s economic growth slowed in the three months to June, new figures released Monday showed, days after a string of bomb and arson attacks struck the country’s crucial tourism sector.
High household debt, weakening exports, slumping foreign investment and low consumer confidence have cramped growth in what for years was Southeast Asia’s flagship economy.
A military junta seized power in 2014 vowing to end years of political instability and kickstart the lacklustre economy.
Thailand’s growth has since picked up slightly, mainly off the back of ramped-up government spending and continued tourist arrivals. But it remains comparatively low compared to its neighbours.
Figures released by the National Economic and Social Development Board showed second quarter GDP growth was up slightly at 3.5 percent year on year.
But the seasonally adjusted quarter-on-quarter growth was 0.8 percent, a slight dip from one percent in the first quarter.
In a briefing note, Captial Economics said Thailand already faces strong headwinds from global growth concerns and the country’s waning export competitiveness, adding that trend will be compounded if political instability continues.
Thailand’s economic growth slowed in the three months to June, new figures released Monday showed, days after a string of bomb and arson attacks struck the country’s crucial tourism sector.
High household debt, weakening exports, slumping foreign investment and low consumer confidence have cramped growth in what for years was Southeast Asia’s flagship economy.
A military junta seized power in 2014 vowing to end years of political instability and kickstart the lacklustre economy.
Thailand’s growth has since picked up slightly, mainly off the back of ramped-up government spending and continued tourist arrivals. But it remains comparatively low compared to its neighbours.
Figures released by the National Economic and Social Development Board showed second quarter GDP growth was up slightly at 3.5 percent year on year.
But the seasonally adjusted quarter-on-quarter growth was 0.8 percent, a slight dip from one percent in the first quarter.
In a briefing note, Captial Economics said Thailand already faces strong headwinds from global growth concerns and the country’s waning export competitiveness, adding that trend will be compounded if political instability continues.
