BANGKOK, 25 May 2015, Deputy Dean of the Economics Faculty in Rangsit University, Anusorn Thamjai, told a weekend seminar that Thailand’s economic growth during the National Council for Peace and Order’s administration is rather low.
He pointed out that private investment has contracted, and the export sector has seen negative growth during the first quarter of this year. Meanwhile, government spending is being hindered due to issues within the system of government and state enterprises.
Mr. Anusorn indicated public spending faces a slowdown and less than optimal growth, despite the improved public confidence. He attributed this phenomenon to the high household debt rate and the fact that the Bank of Thailand has twice released a relaxed monetary policy but failed to boost the local economy.
In his view the Thai economy has yet to make a substantial recovery, saying it would expand 3-4 percent this year, thanks to the rapidly growing tourism sector. Mr. Anusorn said however that the export sector would only grow 1-2 percent, due to the economic slowdown in China and other major trading partners of Thailand.
The Deputy Dean also said that Thailand’s economic strength depends on lasting political stability, saying it would become stronger once a general election was held.
