BANGKOK, 18 June 2015 – Deputy Prime Minister for economic affairs M.R. Pridiyathorn Devakula has told the business sector and the general public to brace themselves for the ongoing sluggish economy, which may take a year to recover.
M.R. Pridiyathorn blamed the ongoing economic slowdown on the previous administration, which enacted controversial programs including the first-car project and the rice pledging scheme.
M.R. Pridiyathorn said the economy in the second half of the year would continue its downward trend and that the economy may take about a year to pick up.
The Deputy PM predicted that the domestic economy would start to recuperate in September. The 2014-2015 Gross Domestic Product (GDP) would reach 3-4 percent, due mainly to government spending and rebounding tourism.
However, the Deputy PM revealed that the country’s economy could not rely on the export sector, since operators have been struggling with stiff competition. He believed that product research & development should push GDP up to 5 percent.
