Thailand’s economic growth slows in third quarter
Thailand’s economic growth slowed in the third quarter following the death of its King Bhumibol Abdulyadej, according to data published by the Thai National Economic and Social Development Board (NESDB) on November 21.
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The economic growth increased 3.2% year-on-year between July and September, missing projection and also down from 3.5% in the previous quarter, according to the NESBD.
Seasonally adjusted quarter growth was 0.6%, down from a revised 0.7% in the previous three months.
The latest data did little to raise hopes on the final quarter bump of Thailand since it approaches peak tourist season.
Tourism remains one of the key bright spots and is on its way to receive a record of 32 million foreign visitors by the end of 2016, said officials.
King Bhumibol Abdulyagdej passed away on October 13 after 70 years ruling. The Thai government decided to be in mourning the King for one year and no festivals and recreational activities were held in 30 days after the King’s death.
The NESDB estimated the 2016’s overall growth rate would reach 3.2%, up from 2.8% last year.
