Thai industries have bottomed out on the condition that there will be no second wave of Covid-19 and the Thai economy will continuously recover in the second half of this year, said Industry Minister Suriya Juangroongruangkit.
The Office of Industrial Economics (OIE) reported the manufacturing production index (MPI) in June increased for the second consecutive month, which is a good sign for the recovery of the manufacturing sector, said the minister.
It is predicted that the Thai industry sector bottomed out in the second quarter if there is no second wave in Thailand, he said.
Public participation and the government’s support will create confidence among investors and will boost economic activities.
The government’s financial aid, rehabilitation measures and easing restrictions helped money circulate in the economic system. Businesses were resumed and returned to grow again, he added.
OIE chief Thongchai Chawalitpichaet said that after easing lockdown, the industry sector resumed economic activities. Problems in transportation and shortage of raw materials have been alleviated.
Sales channels both in domestic and international markets reopened for some main industries such as auto and automotive engine hard disk drive, air conditioning and equipment, electronic components and circuits.
The recovery of the major industries will likely increase the MPI in July, he said. (TNA)