The Thai economy improved in the third quarter this year but is facing risks from COVID-19, local politics and labor problems, according to the Bank of Thailand (BoT).
Chayawadee Chai-Anant, senior director of the BOT’s Economic and Policy Department, said the economy picked up in September given restored economic activities in many sectors, long holidays and government spending. Consumption in the private sector became stable after its previous contraction.
Export value fell 4.2% year-on-year in September, compared with an 8.2% decline in the previous month. In the third quarter, export value amounted to US$57.99 billion, an 8.2% drop compared with a 17.8% decrease in the second quarter. Investment in the private sector showed a smaller decline in accordance with recovery in manufacturing. Meanwhile, tourism seriously shrank due to limited international travels.
In the third quarter, Thai economic indicators showed signs of improvement thanks to the relaxation of local and overseas lockdown measures.
Ms Chayawadee said factors to be monitored included the reopening of the country to welcome visitors, COVID situations in other countries and uncertainties in the labor market, the automotive industry and local political situations.