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BoT chief warns of recession

Rebound likely from third quarter of 2014

  • Published: | Viewed: 3,269 | Comments: 1
  • Newspaper section: Business
  • Writer: Pornsawan Nantha and Nuntawun Polkuamdee
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Thailand is facing the risk of recession for the first two quarters, but the situation is not worrisome, as the economy is likely to rebound from the third quarter, says the Bank of Thailand chief. 

"Economic growth in the first quarter contracted compared with last year's fourth quarter, but whether the country will slip into recession depends on the second quarter's growth," said central bank governor Prasarn Trairatvorakul.

"If economic growth continues to shrink in the second quarter, it will be recession. We should not give much weight to the technical recession. It's not a worry if it's a case of unemployment remaining low and businesses continuing to run, as the economy in the third and the fourth quarters could pick up."

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