BOT reports economic slowdown during October

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The Bank of Thailand has reported a slowdown in the country’s economic recovery in October, as exports and private investments continue to shrink.

Director of the central bank’s Macroeconomic Policy Office Don Nakornthab said tourism also decreased in October due to the government’s policy of eliminating the so-called ‘Zero-Dollar Tours’ as well as the mourning of His Majesty King Bhumibol Adulyadej. Exports shrank by 4.3 percent compared to the same period last year, while imports grew by 7.4 percent, which indicates potential growth in private sector investment in the future.

The government’s policy of allowing for tax deductions up to 15,000 baht for tourism expenses during December should help to offset the number of tourists lost from the elimination of the zero-dollar tours. The upcoming national shopping promotion event is also designed to stimulate the economy towards the end of the year.

Information and Source

Reporter : Jettana Pantana Rewriter : Benjamin Rujopakarn National News Bureau & Public Relations : http://thainews.prd.go.th

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