BANGKOK, Feb 2 – Recovery of domestic consumption and private investment in Thailand is still slow as the private sector is still waiting for global economic recovery and massive government investment on basic infrastructure projects, said Don Nakornthab, director of the Bank of Thailand (BoT) Macroeconomic Policy Office.
Mr Don painted a gloomy picture of the Thai economy as last year it grew only 0.8 per cent while the central bank projected that this year’s gross domestic product would expand 4 per cent.
The economy in December recovered sluggishly due to slower than projected domestic consumption although global oil prices declined sharpl Agriculture-related incomes remained low while debts were high.
Sales of durable goods, especially cars and houses were inactive.
Thailand’s exports during the calendar year 2014 contracted 0.3 per cent while it is expected that exports this year will rebound and grow 1 per cent.
Statistics issued by the Bangk of Thailand showed that domestic unemployment in December remained low, with inflation falling and the current accounts enjoying a surplus of US$5.5 billion due to the sharp decline in global oil prices and the strengthening of the Thai currency, the baht.
