Deputy PM Kittiratt rules out recession for Thai economy


BANGKOK, Aug 23 – Deputy Prime Minister/Finance Minister Kittiratt Na-Ranong insists that Thailand’s economy is not in recession and the government will strictly adhere to the application of its economic stimulus measures which were announced earlier

He brushed aside a quarter-by-quarter comparison of economic growth but said he would rather concentrate on year-to-year collation, which he implied was more standard.

Thailand enjoyed economic growth in Q2 this year compared to the corresponding period last year, he said.

Mr Kittiratt said the government would follow its economic stimulus measures approved by the Cabinet on August 6, without need for additional resolutions.

He said the government would emphasise its Bt2 trillion investment in transportation infrastructure which will benefit the country in the long run.

The deputy premier said Parliament would be allowed to extensively debate the bill on the proposed Bt2 trillion in borrowing to finance the mega projects.

He said the depreciating baht would contribute positively to Thailand’s exports.

The country’s national reserves are at US$170 billion, and the Bank of Thailand should use its Bt3 trillion financial liquidity to cushion the currency exchange and interest rate, he said.