BANGKOK, 4 August 2012 – The Thai central bank has stated that, during the first half of 2012, the local economy managed to recover markedly from last year’s severe flood crisis.
Bank of Thailand (BoT)’s Assistant Governor Paiboon Kittisrikangwan said on Friday that Thai economy has been doing well and making a considerable post-flood recovery during the first half of 2012.
However, Mr. Paiboon forecasted that the expansion will slow down during the second half of the year, due to the impact of the weak global economic conditions.
He added that the Thai manufacturing sector has also continued to return to normal, while it is predicted that the sector will still be expanding despite the problem of labor shortage and the fallout from the global economic slowdown.
The BoT’s Assistant Governor went on to say that the country’s exports sector is yet to fully recover because of weak global demand, particularly for goods. He noted that Thai service exports appeared rosier, due to the continued expansion in the tourism industry.