BMI View: Resilient But Wobbly Growth Pattern The Thai economy grew very strongly in Q412, and then weakened abruptly in Q113. Year-on-year GDP growth in the last quarter of 2012 was a spectacular 18.9%, which then dipped to a below-consensus 5.3% in the first quarter of 2013. To some extent, this was to be expected. Given base effects (in Q411 the country was hit by devastating floods), the end-2012 growth number was always going to be somewhat offthe- scale. It was also boosted by one-off vehicle tax rebates and the government’s costly programme of rice subsidies. In contrast, since the …
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