income. Public spending also increased from spending on goods and services and compensation expenses while capital spending declined from the high base effect of last year from the disbursement of
products and also from the decline in global oil prices and the high base effect of last year expedited exports before the increase in US import tariffs on Chinese products. In the tourism sector, the number
also from the decline in global oil prices and the high base effect of last year expedited exports before the increase in US import tariffs on Chinese products. In the tourism sector, the number of
the COVID-19 outbreak. In the tourism sector, the number of tourist arrivals for 1Q20 contracted by 38.0% yoy across almost all nationalities with high contractions in the number of Chinese tourists
number of tourist arrivals for the first 2 months of 2020 contracted by 19.8% yoy across almost all nationalities with high contractions in the number of Chinese tourists which declined 44.2% yoy due to
high level of household debt limiting widespread consumption 2) Escalating trade tension between US and the rest of the world including a slowdown in the Chinese economy which could negatively impact
high level of household debt limiting widespread consumption 2) Escalating trade tension between US and the rest of the world including a slowdown in the Chinese economy which could negatively impact
economic slowdown resulting in declining export and plunging tourists’ spending especially Chinese tourists. The instability in Thailand politic and election in March 2019 slowed public investment. High
decline is also partly due to the high base of last year. Public spending excluding transfers also declined from acceleration in disbursement during last year. Nevertheless, private consumption remains the
partly due to the high base of last year. Public spending excluding transfers also declined from acceleration in disbursement during last year. Nevertheless, private consumption remains the key driver with