BoT: 2014 growth definitely hampered if political situation does not improve

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BANGKOK, 23 November 2013 The Bank of Thailand’s Monetary Policy Group says the political situation may have economic effects that continue to dampen Thailand’s growth next year. Songtham Pinto, Director of the Monetary Policy Office, Monetary Policy Group, believes the global economy is inclined to improve next year although risks still remain. Close monitoring of the US, Chinese and Japanese economies will still be required. However, North Asia’s economies, such as that of South Korea, are expected to improve due to higher export figures. This will be in contrast to Thailand’s export next year, which is not expected to perform as well as it could contributin, in turn, to a slow-down in the domestic economy.

Speaking of the current political rallies, Mr. Songtham said that it has been factored into his office’s projection of the overall economic expansion alongside factors such as the expected decline in consumption and spending. He added that if the political situation remains unimproved next year, negative effects will certainly impact the growth of the economy.