(Bloomberg) -- Thailand’s economy expanded at the fastest pace in five quarters, aided by tourism and exports, although a leadership change and uncertainty...
-- Thailand ’s economy expanded at the fastest pace in five quarters, aided by tourism and exports, although a leadership change and uncertainty over a $14 billion stimulus plan clouds the outlook.Gross domestic product in the three months through June rose 2.3% from a year earlier, the National Economic and Social Development Council said Monday. That compares with the 2.2% median estimate in a Bloomberg News survey and a revised 1.6% pace for the first quarter.
The onus is on new Prime Minister Paetongtarn Shinawatra, daughter of former leader Thaksin Shinawatra, to find ways to continue reviving Southeast Asia’s second-largest economy and lift its growth from the sub-2% average in the past decade. Fiscal year 2025 budget will start on Oct. 1 as scheduled, NESDC chief Danucha Pichayanan told the briefing in Bangkok, and won’t be delayed by the change in government.
The ruling coalition led by Pheu Thai will meet soon and is expected to wrap up discussions on cabinet formation this week, the new PM said separately on Monday. Paetongtarn is expected to inherit much of Srettha’s cabinet, although Krungthep Turakij reported on Friday that Finance Minister Pichai Chunhavajira is unlikely to join the new government.
“The government needs to maintain favorable political and economic environment,” Danucha said. “The Bank of Thailand will have to assess whether there’s a need to adopt looser monetary policy or not.”Tourist arrivals are seen at 36.5 million this year with spending forecast raised to 1.48 trillion baht
Paetongtarn Shinawatra Bloomberg News Thailand Thaksin Shinawatra Srettha Thavisin Bank Of Thailand Danucha Pichayanan Median Estimate Leadership Change Gross Domestic Product
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