A Budhist temple in Bangkok, Thailand
The Thai economy is recovering at a gradual pace, the Bank of Thailand (BOT) said yesterday. November was marked by an expansion in government spending and the tourism sector, as well as contracted merchandise exports and imports.
Last month, government spending increased by 17 percent year-on-
year, the BOT said in a statement. Furthermore, state-owned enterprises spending also improved, especially on power plant projects.
The value of merchandise exports dropped by 6.6 percent year-on-year. “This reflected both a decline in quantity and a decrease in export prices due to the economic slowdown in China and ASEAN countries and lower prices of oil-related products as a result of slumps in global oil prices,” the statement said.
Nevertheless, the BOT added, exports of certain goods registered modest growth, namely automobiles and electronic parts used as raw materials for new models of mobile phones. In November, the value of merchandise imports contracted by 8.5 percent year-on-year, according to the bank.
Meanwhile, Thailand’s tourism sector improved, reflected by a continued increase in the number of foreign tourists for the second consecutive month after contracting in the aftermath of the bombing incident in Bangkok in mid-August.
The number of foreign tourists increased by 2.5 percent from the previous month as a result of a pick-up in East Asian tourist arrivals, especially Chinese tourists.
Nevertheless, the BOT said, the number of foreign tourist arrivals from other countries such as Australia, Russia, Indonesia and Malaysia has not recovered. MDT/Xinhua
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