Thailand’s Economic Expansion Accelerates in Q1 as Tourism Recovers – Nasdaq
Thailand's economic growth quickens in Q1 as tourism rebounds Nasdaq
Thailand’s economy has been on the rise in the first quarter of 2021, with the country’s gross domestic product (GDP) growing at a rate of 3.2%, according to the latest figures released by the National Economic and Social Development Council (NESDC). This is a significant improvement from the 1.2% growth rate recorded in the fourth quarter of 2020, and is the highest rate of growth since the second quarter of 2019.
The primary driver of this growth has been the recovery of the tourism industry, which has been hit hard by the coronavirus pandemic. International tourist arrivals to Thailand were down by over 80% in 2020 compared to 2019, but have been steadily increasing since the start of 2021. In March 2021, international tourist arrivals were up by over 50% compared to the same month last year. This has had a positive impact on the country’s economy, as tourism is one of the largest contributors to GDP.
The government has also implemented several measures to support economic growth, including tax cuts and incentives for businesses. These measures have helped to boost consumer spending and investment, which have both contributed to the economic expansion. The government has also implemented a number of measures to support the labor market, including wage subsidies and job training programs.
The economic expansion in Thailand is expected to continue in the coming months, as the country continues to recover from the pandemic. However, there are still risks that could derail this recovery, such as a resurgence in coronavirus cases or a slower-than-expected recovery in the global economy. Nevertheless, Thailand’s economy appears to be on track for a strong recovery in 2021.
This article has been rewritten and summarized in an informative style by Open AI, while the image uses deep generative neural network. SDG Investors LLC holds the rights to both the article summary and image. All rights reserved.
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