BOT: Thai economy will fully recover in 2nd quarter 2012

BANGKOK, November 11 (TNA) - The Bank of Thailand (BOT) has projected that the Thai economy should recover from flood impacts next year, with its full recovery to happen in the second quarter. Songtham Pinto, director of the BOT's office of macroeconomic policy and analysis, pointed out that floods in several areas have been receding and many industrial estates in flood-hit provinces are speeding up to resume their production as soon as possible. Songtham said that the movement reflects good adjustment of the flood-affected private manufacturers, along with clearer rehabilitation measures announced by the Thai government for them and other flood victims, which are believed to cushion the recovery of the national economy next year. According to the senior central bank official, the Thai economy next year is likely to grow more than it does this year despite serious impacts of the country's ongoing flooding crisis, thanks to the nation's strong economic fundamentals and healthy financial status with limited public debts and low unemployment. The director under the BOT's Department of Financial Policy acknowledged that inundation damages caused to local businesses, trade, services and tourism, including their reduced employment, should be temporary, as Thai workers are competitive with migrant labours and Thailand remains attractive among global travellers. The BOT senior official said his office is seriously gathering information and opinions from grass-roots business operators nationwide, through phone interviews, in order to work out practical national monetary policies in the future. (TNA)