31 Oct, 2021
Thailand’s economy in September has seen continued growth, with the return of economic activities. The Bank of Thailand has stated however that the overall economy in Q3 felt the impact of the COVID-19 surge and corresponding restrictions.
The Bank of Thailand (BOT) has revealed the national economic performance measurement for September 2021, which saw improved performance from the previous month following the relaxation of lockdown measures.
Ms. Chayawadee Chai-anant, Senior Director of the BOT’s Economic and Policy Department, said the relaxation of lockdown measures led to the recovery of consumption and investment in the private sector.
The export sector during this period saw continuous growth in accordance with the recovery of trade partners, while the manufacturing sector was able to restart its production as the pandemic situation improved.
Meanwhile, the overall number of international visitors to Thailand remained low, while the inflation rate saw a slight increase following the end of the utility fee reduction program and the increase of retail fuel prices due to price surges in the global crude oil market.
The Bank of Thailand concluded that the Thai economy in Q3, 2021 continued to be severely affected by the COVID-19 pandemic and stringent disease control measures, leading to lower private consumption caused by weakening purchasing power.
Overall private investments, industrial manufacturing, goods export, and the inflation rate in Q3 saw a decline, while the number of international tourists slightly increased from the launch of tourism Sandbox areas.
Ms. Chayawadee said the economy in October is expected to recover slightly, following further relaxation of lockdown measures, however certain factors that could affect the performance must continue to be monitored, ranging from disruption to the manufacturing sector due to the pandemic and the global shipping container shortage, to the increase of energy and raw material prices, and the flooding disaster in many Thai provinces. (NNT)
