BANGKOK, 21 April 2015 – Thai economy is on a better trend compared to the situation before the Prayut Chan-o-cha administration, according to NESDB secretary-general Arkhom Termpittayapaisith.
Arkhom said that after a 5.4% economic growth in the Q1 of 2013, Thailand faced continuous slowdown with a 2.9% growth in Q2, 2.7% in Q3 and 0.6% in Q4, and then stepped into the first economic recession in nine quarters.
In Q1 of 2014, the GDP growth shrank by 0.5% due to economic slowdown in trading partner countries, and political unrest which damaged the confidence of the public, business and tourism sectors. Meanwhile, only 89% of 2014 annual budget was disbursed due to the lack of disbursement continuity, the lowest rate in fifteen years.
During the first six months of the incumbent government, urgent measures have been taken to restore foreign confidence in the Thai economy. The efforts have resulted in an economic recovery as seen from a growth in tourism and the industrial sector.
In parallel, the government has expedited budget disbursement to solve problems facing SMEs and farmers while launching investment in long-term infrastructural development projects.