The Bank of Thailand (BoT) has reported that the Thai economy in the second quarter 2015 has slowly recovered following the increasing tourism sector and public investment. Private consumption has also started to expand.
BoT senior director Rung Manlikamat said the good growth in the tourism sector and increase in the government’s spending had made the second quarter economy expand. The government’s investment in small-sized transport and irrigation projects as well as slight expansion in private consumption had also contributed to the recovery, she said.
Despite the high purchasing power, consumer confidence was still low due to the slowly recovering economy, prolonged drought and shrinking exports, the senior director added. She stressed that the overall economic stability was well maintained with a better inflation rate and low unemployment. Other factors which benefited the second quarter economy included a continuous current account surplus and stable ratio of international reserves to short term debt.
