BOT confident that Thailand would not face economic stagnation

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BANGKOK, 22 October 2014 – The Bank of Thailand (BOT) stated that even though the nation’s economy has already passed the recession stage, it is still at a critical turning point before it could make a full recovery. 

BOT spokesman Jirathep Seniwong na Ayutthaya revealed that although Thailand’s economy had been sluggish during the first half of 2014 with limited room for growth and exports, the country had relatively little problems with unemployment. He said that the Thai economy is on its recovery stage but also urged to keep a close watch on the global economy.

Mr. Jirathep has encouraged members of the public not to be too concerned at this point, as the BOT believes that the Thai economy’s driving force would mainly come from higher domestic consumption and the government’s policies to invest in mega infrastructure projects, which would also help restore confidence in the private sector.

Household debts are also expected to decline and employment prospects are expected to improve, which in turn would help boost consumer spending, the BOT spokesman said.

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