Bloomberg
Published Aug 18, 2019 23:39
Updated Aug 19, 2019 00:20
Thailand 2Q GDP Growth Weakest Since 2014 on Trade War, Baht
(Bloomberg) -- Thailand’s economy grew at the slowest pace in almost five years in the second quarter as exports and tourism deteriorated, buffeted by U.S.-China trade tensions and a strong local currency.
Gross domestic product rose 2.3% from a year ago, down from 2.8% in the second quarter, the National Economic and Social Development Council said Monday. That’s the slowest pace since the third quarter of 2014. The expansion was in line with the median estimate of 2.3% in a Bloomberg survey of economists.
A slowdown both domestically and abroad affected the quarter’s growth, Thosaporn Sirisumphand, secretary general of the council, said at a briefing in Bangkok. The U.S.-China trade war, global jitters and drought remain risks going forward, although a government stimulus package announced last week, as well as potential investment from companies relocating from China amid the trade war, could help offset the damage, he said.
Further stimulus is possible, including steps that focus on boosting private investment and tourism, Thosaporn told reporters. The government also will likely boost investment through public spending and disbursements by state enterprises, he said.
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Written By: Bloomberg
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