TCC optimistic about post-coup economy

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BANGKOK, 27 May 2014  – The Thai Chamber of Commerce (TCC) has expressed its belief that the nation’s economic performance in the second half of this year would recover. 

TCC Vice President Somkiat Anurat said the agricultural sector has gained fluidity, injecting no less than 400 billion baht into the local economy as the political deadlock eased and farmers start receiving their long awaited rice pledging payment.

The comment came after yesterday’s meeting of the TCC representative from the five regions, which unanimously agreed that the National Council for Peace and Order (NCPO)’s seizure of administrative powers has effectively put a stop to the political protests and regained consumers’ confidence.

The meeting also concurred that the NCPO’s move to hasten the payment of the rice pledging scheme gives the fluidity to the agricultural sector, resulting in economic stimulation with around 300-400 billion baht being injected into the Thai economic system.

Mr. Somkiat also mentioned the meeting was optimistic about the Economic Roadmap whipped up by the NCPO, and believed the economic growth this year has a chance to reach 3% if the political situation remains stable for the rest of 2014. The private sector previously forecast that the kingdom’s economic growth would be as small as 1.5%.