Thailand's economic growth is expected to accelerate in the final nine months of this year, even as the global economy teeters near a recession, thanks partly to a lift following the May 14 election, analysts say.
First-quarter GDP growth of 2.7% year-on-year beat the consensus forecast of 2.3% and accelerated from 1.4% growth in the fourth quarter last year as external demand improved, reflected by exports and a strong recovery of the tourism sector, according to BMI, a unit of Fitch Group.
In seasonally adjusted terms, the economy grew 1.9% quarter-on-quarter in the first three months of 2023, which is a sharp improvement from the 1.1% quarter-on-quarter contraction recorded in the final quarter of 2022, BMI noted.
