BoT: European economy will not affect Thailand

0
1351

BANGKOK, 15 May 2012  – Despite the worrisome situation of the European economy at present, the Bank of Thailand (BoT) is confident that the Thai economy will not be affected. 

Director of the BoT’s Office of Macroeconomics Songtham Pinto stated that the situation of public debt in European countries is still a cause for concern, particularly for the financial market. However, it will not produce any significant impact on Thailand’s economy, given that the country’s export to Europe stands at only 10% of its total export volume.

Meanwhile, it has been estimated that Thai export will see a 9.2% growth this year. Even though the delayed recovery of foreign economies has brought about the current slowdown, the export sector is expected to enjoy a decent growth after the production sector has returned to normal. This will serve as a driving force for the economy and domestic spending in 2013.