BANGKOK, July 2 (TNA) - The Bank of Thailand (BoT) is more worried about Asian economy, especially China, more than Greece while it forecast...

BoT Worries over Asian Economy More Than Greece

By English News | 2 ก.ค. 2558 19:08 | 6366 views | View Comment
 
BANGKOK, July 2 (TNA) - The Bank of Thailand (BoT) is more worried about Asian economy, especially China, more than Greece while it forecast that Thai economy in 2015 would sustain growth of 3 per cent, said Don Nakornthab, director of BoT’s Macroeconomic Policy Division. 
 
Economic problems in China and the rest of countries in Asia are much more  crucial than Greece which missed a 1.5-billion euro  payment  to the International Monetary Fund, said Mr. Don. 
 
Thailand’s economic growth this year would be 3 per cent while the BoT is quite disappointed that economic recovery is much slower  than it had projected  due to soaring household debt and low prices of agricultural products, said Mr. Don. 
 
On Bot’s Monetary Police Committee’s decision to maintain  the  policy interest rate at a low 1.50 per cent, Mr. Don admitted  that  the rate is already quite low and it posed a  little effect  on local spending  because commercial banks would be  careful  in approving lending. 
 
Presently, Thailand still enjoys a high current account  in surplus  which could cushion  the value of the baht not to weaken much, he said. 
 
Echoing Mr. Don’s views, Phacharaphot Nuntramas,  director of Siam Commercial Bank’s Macroeconomic Division, said  his bank  still maintained Thai economy to grow  at 3 per cent this year although  economy in the first half of 2015  was slow. 
 
Mr. Phacharaphot said  the bank hoped that  the  disbursement  by the government  for investment  in massive projects  plus global economic  recovery  could be positive factors to push  the Thai economy during the second half of 2015. (TNA)