In this file photo taken on November 2, 2021, Buddhist monks wearing face masks walk inside the Grand Palace, a day after Thailand welcomed the first travellers vaccinated against the Covid-19 coronavirus, in Bangkok. \u2014 AFP photo<\/p>\n
Thailand\u2019s economy grew 2.5 per cent in the second quarter as returning foreign tourists failed to offset high inflation and concerns over regional tensions, the country\u2019s main economic agency said Monday.<\/p>\n
Southeast Asia\u2019s second-largest economy was hit hard during the pandemic, though visitor numbers are slowly improving with the relaxation of travel rules since May.<\/p>\n
But the Ukraine war and now tension over Taiwan could put any economic recovery at risk, Thailand\u2019s National Economic and Social Development Council warned.<\/p>\n
\u2018We have to continue monitoring to see how long counteraction from China over Taiwan will last,\u2019 NESDC secretary general Danucha Pichayanan said.<\/p>\n
\u2018The relaxing of our Covid controls, the recovery of tourism are factors that support the growth.\u2019<\/p>\n
The agency said that gross domestic product rose 2.5 per cent in April-June compared to the same period a year ago \u2014 well below the anticipated growth of three per cent.<\/p>\n
The NESDC also revised the expected full-year growth rate from 2.5-3.5 per cent to 2.7-3.2 per cent.<\/p>\n
Economist Charl Kengchon, from the Kasikorn Research Centre, characterized the results as a \u2018mixed bag\u2019, with the tourism boost failing to lift growth.<\/p>\n
\u2018I think that is because inflation hit a 14-year high in June, so it is a drag on spending both (in the) household sector and business,\u2019 he said.<\/p>\n
Inflation in the month of June hit 7.7 per cent and was at 6.5 per cent for the quarter, according to the NESDC. \u2014 AFP<\/p>\n","protected":false},"excerpt":{"rendered":"
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