Thai economy to surge over 3pc next year

19 February, 2020 12:00 AM printer

BANGKOK: The Bank of Thailand (BOT) on Tuesday said that despite the slowing global economy, drought and delay of the fiscal 2020 budget, a gradual recovery will come at the second and third quarter this year.

“Therefore, it is very likely that the Thai economy will expand by 3 percent next year,” said BOT Senior Director of Economic and Policy Department Don Nakornthab, reports Xinhua.

Thailand’s GDP growth stood at 2.4 percent in the last quarter of 2019, while its economic strategy agency, the National Economic and Social Development Council (NESDC) put the GDP expansion at 1.5 percent to 2.5 percent this year. Don said although the NESDC’s projection was lower than BOT’s estimation, he still believes a GDP growth of 2.5 percent to 2.8 percent in the fourth quarter of this year.