BoT projects Thai economy will pick up slowly this year

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The Bank of Thailand (BoT) expects the Thai economy will gradually improve in 2015 regarding consumption recovery in the private sector.

It also projects increasing sales of automobiles, houses and electrical appliances.

Roong Mallikamas, BoT’s senior director for the Macroeconomic and Monetary Policies Department, said the Thai economy saw positive signs in consumption and investment in the private sector and government. She said both factors would strengthen the national economy this year.

Roong Mallikamas, BoT’s senior director for the Macroeconomic and Monetary Policies Department.Roong Mallikamas, BoT’s senior director for the Macroeconomic and Monetary Policies Department.

She expects recovery in durable goods like automobiles, homes and electrical appliances.

Roong said investment in the private sector in November increased by 1.4 percent from that in October.

The private sector invested more in machinery and equipment, including investment in 3G mobile phone networks.

In addition, new property development projects raised investment in construction.

In November, the value of Thai exports dropped by 1.8 percent from its level in October because of economic slowdowns in trading partners including China, Japan and European countries.

The prices of some exports fell due to the lower oil price, and the value of exports in October rose by 4.1 percent from the previous month.

Thailand’s exports grew more slowly than that of other countries in the region.

The value of imports dropped by 4.2 percent as the crude oil price decreased and oil companies reduced their stocks.