Thailand’s economy grows slowest pace in three years in 2014
by ChemOrbis Editorial Team - content@chemorbis.com
According to data released by Thailand’s National Economic and Social Development Board (NESDB), the country’s economy grew at the slowest pace in three years in 2014, posting a growth rate of 0.7%. In 2013, the Thai economy expanded by 2.9%. 2014 saw the slowest growth since 2011, when growth recorded a rise of 0.1% in the face of devastating floods.
The slump in the country’s economic growth was attributed to prolonged political unrest, which dampened tourist arrivals, slowed foreign investment and hindered government spending.
For the fourth quarter, the Thai economy grew 2.3% on the year when compared to a growth rate of 0.6% in the previous quarter. Improvements in the non-agricultural sector, higher domestic and external demand as well as increased investment were cited as the main reasons behind the country’s stronger quarterly growth.
The slump in the country’s economic growth was attributed to prolonged political unrest, which dampened tourist arrivals, slowed foreign investment and hindered government spending.
For the fourth quarter, the Thai economy grew 2.3% on the year when compared to a growth rate of 0.6% in the previous quarter. Improvements in the non-agricultural sector, higher domestic and external demand as well as increased investment were cited as the main reasons behind the country’s stronger quarterly growth.
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