UTCC:Global economy would recover in the latter half of this year

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BANGKOK, 7 June 2015 – Mr. Thanawat Polwichai, Director of the Center for Economic and Business Forecasting of the University of the Thai Chamber of Commerce, believes that the global economy would recover in the latter half of this year.

He said at the moment the world economy is still fragile, as evidenced by the gradual recovery of economic performances in the U.S., China, Japan and the European Union. However, the director deemed that the problem is not at a critical point, judging from the International Monetary Fund (IMF)’s recent decision to allow Greece to bundling its debt payment to the end of June. The IMF also made an unusual request to the Federal Reserve to delay hiking the benchmark rate, viewing that adjusting the rate too soon would affect the global economic recovery.

Director Thanawat is confident that the global economy would return to normal later this year once Greece solves its financial crisis. He said several economic stimulus packages of the world’s biggest economies would also contribute to the recovery.