Central bank: Economy not in recession

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BANGKOK, 20 August 2013 Bank of Thailand (BoT) Governor Prasarn Trairatvorakul has assured that the Thai economy is not yet in recession, saying recovery is possible in the second half of the year and the GDP growth is negative only when compared quarter to quarter. 

The central bank governor on Tuesday said the Thai economy was still expanding with the likelihood to recover. In the third quarter of this year, growth might not be negative when compared with the previous quarter after the National Economic and Social Development Board (NESDB) found that investment in the second quarter still grew.

As for the baht depreciation, Mr Prasarn said the bank had not yet learned about the real causes of the depreciation but he reckoned that the NESDB’s announcement of economic data in the second quarter might have affected the currency valuation. The depreciation, however, does not worry the BoT much since the baht is still moving in line with the economic situation.