BANGKOK: Thailand’s economy grew at the slowest pace in a year last quarter, as private consumption moderated. GDP expanded 3 percent from a year earlier, the National Economic and Social Development Board said in Bangkok on Monday. That is the slowest in a year, according to data compiled by Bloomberg. The median estimate of 20 economists surveyed by Bloomberg was 3 percent. GDP grew 0.4 percent from the previous three months, compared with the 0.7-percent median estimate. The Thai economy grew 3.2 percent in 2016, from 2.9 percent in 2015. The death last year of the Thai king and a crackdown on illegal Chinese tourists hurt the economy with private consumption weakening.
Thailand’s military junta, led by Prime Minister Prayuth Chan-Ocha, has pledged to boost infrastructure projects and give financial support to farmers to strengthen growth, while the Bank of Thailand has kept its benchmark policy rate near a record low. The baht has risen more than 2 percent against the US dollar this year, among Asia’s best performing currencies.