BOT:Thai economy has been recovering

BANGKOK, August 19 (TNA) - The Bank of Thailand (BOT) says that the Thai economy has been picking up, thanks to clear directions of the domestic political situation and public policies in the late period of the second quarter. BOT Spokesman Jirathep Seniwong na Ayutthaya told journalists of the positive prospect on Tuesday, elaborating although the Thai economy grew by 0.4 per cent year-on-year in the second quarter of this year, it was better than the first quarter. The spokesman pointed out that the clear directions of the domestic political situation and public policies have boosted domestic consumption and confidence in both the public and the private sectors. The BOT spokesman insisted that the Thai economy does not face a technical recession, as feared, because the country's gross domestic product (GDP) has not fallen for two quarters in a row. According to the central bank's spokesperson, Thailand's GDP in the first half of 2014 fell by 0.1 per cent year-on-year, but it was better than the BOT's previously expected decline of 0.5 per cent, showing that the Thai economy improved more than expected in the second quarter. The spokesman acknowledged, however, that the BOT will continue to monitor spending in both the Thai public and private sectors. (TNA)