Thai private sector awaiting global economic recovery, state investment

BANGKOK, February 1 (TNA) - Director of Bank of Thailand’s Macroeconomic Policy Recovery Don Nakornthab, says domestic consumption and private investment in Thailand is still slow as the private sector is still awaiting global economic recovery and state-led investment on basic infrastructure. The Thai central bank official painted a gloomy picture on the Thai economy as the country’s economy during 2014 grew only 0.8 per cent while the central bank projected that this year’s gross domestic product would expand 4 per cent. Economy last December recovered sluggishly due to slower than projection of domestic consumption although global oil prices declined sharply, income of agriculturists remained low while debts were high. Sales of durable goods, especially cars and houses were inactive. Thailand’s exports during the calendar 2014 contracted 0.3 per cent while it is expected that exports this year would rebound and grow 1 per cent. Statistics issued by the central bank showed that local unemployment last December was still low, inflation fell and the current account enjoyed surplus at about 5.5 billion U.S. dollars due to the sharp decline in global oil prices and the strengthening of the Thai currency, the baht. (TNA)