UTCC: World economy to plunge at lowest point in 3rd quarter

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BANGKOK, 23 July 2013 The University of the Thai Chamber of Commerce (UTCC) has expressed its belief that the world economy will plunge at the lowest point in the third quarter of 2013, while urging all sectors to keep a close watch on Chinese and European economies. 

UTCC’s Center for Economic and Business Forecasting (CEBF) Director Thanawat Polvichai said the world economy has a clear sign of recovery as Dow Jones and NASDAQ are at an appropriate level, while the quantitative easing or QE measures issued by the US government is helping the world economy stabilize itself. The director also expressed his belief that the US will issue another QE measure if its economy drops any further.

He has also urged all sectors to be cautious and follow up on Chinese and European economies and how they are handling their non-performing loans or NPLs. However, Mr. Thanawat believed that those governments are potential enough to cope with the NPL problem.

In addition, Mr. Thanawat predicted that the lowest point in the world economy will be in the third quarter, while for China and Europe, their economies will plunge to the lowest point in the fourth quarter.