Thai economy likely grew 3.1% in Q2 on higher tourist arrivals: Reuters poll
Thai economy likely grew 3.1% in Q2 on higher tourist arrivals ... Reuters
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Summary
- Thailand’s GDP seen expanding 3.1% y/y in Q2 vs 2.7% in Q1
- Q2 GDP seen at 1.2% q/q sa vs 1.9% in Q1
- Q2 GDP data due on Monday, Aug 21
Thai economy likely grew 3.1% in Q2 on higher tourist arrivals: Reuters poll
BENGALURU, Aug 18 (Reuters) – Thailand’s economy likely grew 3.1% in the April-June quarter from a year ago, up from 2.7% in the previous quarter, driven by increased foreign tourist arrivals, according to the median forecast of 21 economists polled by Reuters.
On a quarterly basis, gross domestic product (GDP) was forecast to have grown by a seasonally-adjusted 1.2%, a slowdown from the 1.9% growth in the preceding quarter, according to a smaller sample of forecasts in the Aug. 14-17 poll.
Sustainable Development Goals (SDGs)
While the country’s tourism-driven economy is expected to improve gradually, visitor numbers are still well below pre-pandemic levels. Thailand is predicted to receive 29 million tourists this year, down from 40 million visitors in 2019, the last full year before the COVID pandemic.
Exports, a key driver of growth, have contracted since October 2022, indicating weak global demand, especially from China, Thailand’s biggest trading partner.
Expert Analysis
“The ongoing foreign tourism recovery amid returning visitors including from China, and resilient private consumption underpinned the economic expansion,” wrote Chua Han Teng, economist at DBS.
“Yet, the drop in merchandise exports, while stabilising, continued to drag headline growth, and prevented a stronger growth improvement in 2Q23, given the challenging global economic environment.”
Future Projections
Growth was forecast to average 3.7% this year, in line with the Bank of Thailand’s estimate, and 3.8% in 2024, a separate Reuters poll showed.
Reporting by Devayani Sathyan
Polling by Milounee Purohit and Veronica Khongwir
Editing by Hari Kishan and Frances Kerry
Our Standards: The Thomson Reuters Trust Principles.
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 12: Responsible Consumption and Production
- SDG 17: Partnerships for the Goals
The article discusses Thailand’s economy and its growth rate, which is connected to SDG 8. It also mentions the impact of weak global demand on Thailand’s exports, which relates to SDG 9. The decrease in tourist arrivals and the contraction of exports highlight the need for responsible consumption and production (SDG 12). Finally, the article mentions the Bank of Thailand’s estimate and a Reuters poll, indicating the importance of partnerships for achieving economic growth (SDG 17).
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
- Target 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries.
- Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources.
- Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships.
The article mentions Thailand’s GDP growth rate, which is relevant to Target 8.1 under SDG 8. The discussion of the impact of weak global demand on Thailand’s exports relates to Target 9.2 under SDG 9. The need for responsible consumption and production, as well as the decrease in tourist arrivals, align with Target 12.2 under SDG 12. The mention of the Bank of Thailand’s estimate and the Reuters poll highlights the importance of partnerships, corresponding to Target 17.17 under SDG 17.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- GDP growth rate
- Share of industry in employment and GDP
- Number of tourist arrivals
- Exports contraction rate
The article mentions Thailand’s GDP growth rate, which can be used as an indicator to measure progress towards Target 8.1 under SDG 8. The share of industry in employment and GDP is implied in the discussion of the impact of weak global demand on Thailand’s exports, relating to Target 9.2 under SDG 9. The decrease in tourist arrivals serves as an indicator for measuring progress towards Target 12.2 under SDG 12. The contraction rate of exports indicates progress towards Target 9.2 under SDG 9.
4. Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries. | GDP growth rate |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries. | Share of industry in employment and GDP |
| SDG 12: Responsible Consumption and Production | Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources. | Number of tourist arrivals |
| SDG 17: Partnerships for the Goals | Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships. | Exports contraction rate |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: reuters.com
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