Thai economy to surge over 3 pct next year: central bank
Banghok/Xinhua/UNI: The Bank of Thailand (BOT) on Tuesday said that despite the slowing global economy, drought and delay of the fiscal 2020 budget, a gradual recovery will come at the second and third quarter this year.
"Therefore, it is very likely that the Thai economy will expand by 3 percent next year," said BOT Senior Director of Economic and Policy Department Don Nakornthab.
Thailand's GDP growth stood at 2.4 percent in the last quarter of 2019, while its economic strategy agency, the National Economic and Social Development Council (NESDC) put the GDP expansion at 1.5 percent to 2.5 percent this year.
Don said although the NESDC's projection was lower than BOT's estimation, he still believes a GDP growth of 2.5 percent to 2.8 percent in the fourth quarter of this year.
The BOT in early February decided to cut its interest rate to the lowest level of 1 per cent.
Don said the central bank will again review the country's economic situation and release the latest projections of the economy on March 25.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
