11:40 | 17/05/2017 Global Economy
Thailand’s economy slightly grew in the first three months of the year, a positive sign after a difficult period since the death of King Bhumibol Adulyadej.
According to data released on May 15, the country’ gross domestic product expanded 3.3 percent year – on – year in the first quarter, up 3 percent from the previous quarter.
Growth in agriculture, government expenditure and exports drove the expansion of economy of the Southeast Asian country, said Porametee Vimolsiri, secretary general of Thailand’seconomic planning agency.
He also said the country’s economy is expected to grow between 3.3 and 3.8 percent in 2017, compared to 3.2 percent in 2016.
Besides the long national mourning period for the King which affects Thailand’s consumption, its economy faced political unrest, high household debt and falling export competitiveness.
Experts forecasted the country’s economy to pick up a little further but high household debt and political instability will continue to negatively affect its long-term growth prospects.