Moreover, increased public spending and robust tourist arrivals have supported the country's economic growth, against a backdrop of sluggish external demand and weak private sector activity.
Moody's points out that Thailand's merchandise exports have weighed on economic growth; a situation which is in line with the slowing of trade across the Asia-Pacific region. In US dollar terms, Thailand's goods exports have contracted year-on-year for 10 of the past 13 quarters since the beginning of 2013.