quarter expanded by 4.8%, higher than 3.9% growth in the previous quarter, according to data from Bank of Thailand and NESDB. This was mainly from acceleration of private consumption, government consumption
power of those consumers relying on agricultural income have been affected by the drought and low commodity prices. However, the impact on private consumption is expected to be eased to some extent by
pandemic of COVID-19, which has a severe impact on tourism, production, exports and private consumption. Private investments tend to decline in 2020, according to both domestic and international demand. For
namely 1) Structural changes in Thai economy, particularly high level of household debt, that leads to low level of consumption 2) Escalating trade tension between US and the rest of the world, which could
household debt, that leads to low level of consumption 2) Escalating trade tension between US and the rest of the world, which could negatively impact export and investment 3) Less surplus of Thailand’s
, which was adjusted upward from the 4.3%, due to the stronger growth during 1H/2018. The key drivers were the export and tourism, whereby the local expenditure was driven by household consumption and
experienced moderate growth amid global economic uncertainty, driven by the expansion of private consumption and tourism sectors, while the purchasing power of the grassroots consumer remained challenging. AIS
prices for most agricultural products remain low, resulting in a fragile recovery in consumption. This has also been effected by the reduction of spending stimulus measures by the government compared to