The Thai Fiscal Policy Office (FPO) has reported that the country’s
economy has shown some positive sentiments as a result of domestic
spending.
According to the FPO, the nation’s economy in October
has been recovering as a result of growing domestic consumption and the
private sector’s investment. Government spending increased by 42.3
percent compared to the same period last year thanks to plans to
withdraw 300 billion THB from the Central Budget to stimulate the
economy.
Foreign tourist arrivals also increased for the first
time in 10 months. In October, the number of tourists was 12.3 percent
higher than September. Agricultural production, on the other hand,
contracted as a result of this year’s drought crisis. In spite of this,
the FPO still believes that the Thai economy remains stable and will not
be affected by the volatility of the global economy.
Core
inflation was reported at 1.5 percent in October, which is a decrease
from last month’s figure of 1.8 percent. Meanwhile, the unemployment
rate in Thailand was still relatively low at 0.8 percent.
Lastly, the Thai Foreign Exchange Reserves were as high as 160 billion USD.-VNA