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30 July 2009

Thai economy seen turning around

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The Thai economy in June, and the rest of the second quarter of this year, began to show signs of recovery, with the production sector shrinking at a slower pace and purchase orders from overseas increasing, state news agency TNA reported, citing the Fiscal Policy Office (FPO).

Private consumption and exports showed signs of improvement from earlier contraction, but private investment continued shrinking, TNA quoted FPO Director-General Somchai Sajjapong as saying.

The economy had stabilised with the unemployment rate declining and employment in the production sector picking up. Simultaneously, the country’s international reserves remain at a healthy level.

Given these positive factors, the FPO believes the economy had already bottomed out in the first quarter of this year and contracted more slowly in the second quarter. It is expected the economy will further recover in the third quarter and resume positive growth in the fourth quarter.

He said FPO will revise the country’s gross domestic product (GDP) for 2009 in the next two months. It had earlier forecast GDP would contract 3 percent this year.



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