Wednesday, August 19, 2009

Thai economy likely to begin rising in 4th quarter:Top banker

BANGKOK, Aug 20 (TNA) – The Thai economy is projected to stabilise in the third quarter of this year and begin picking up in the fourth quarter in tandem with the global economic recovery, according to a top banker.

Bangkok Bank President Chartsiri Sophonpanich said the economy had contracted since the fourth quarter of last year, but given the current global economic resilience, the economy should start stabilising and recovering in the third and fourth quarters of this year.

"From now on, we must monitor whether efforts to address the economic woes by the United States and Europe, our key trade partners, will be successful and how quickly it can help make the global economy recover," he said.

Mr Chartsiri said he believed the 2nd-phase economic stimulus scheme implemented by the government would help boost local spending.

He forecast interest rates in the banking system would continue staying at a low level until the end of this year although economic conditions are set to improve.

Anusorn Tamajai, dean of Rangsit University’s Faculty of Economics said the global economy had already bottomed out and begun to recover in a “V” shape as a result of efforts by many countries to cope with the economic troubles and inject money into the system.

He believed the global economic recovery would help boost Thailand’s exports of goods, particularly auto parts and electronics components which are in demand in the world market. (TNA)

Business News : Last Update : 09:13:12 20 August 2009 (GMT+7:00)

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