The National Economic Social and Development Board (NESDB) said Monday that the Kingdom's household spending, increasing electronic and furniture export, more investment of government projects and raising industrial index are factors that will pull up the country from economic crisis.
The country's gross domestic product foresees lower contraction which dropped by 4.9 per cent in the second quarter this year compared with 7.1 per cent in the first quarter this year. However, the GDP contracted by 6 per cent during the first six months this year, said NESDB.
Ampon Kittiampon, secretary-general of the NESDB, said today that there are many factors that shows positive signs the country's future economy.
For instance, electronic and furniture export to China, Taiwan, South Korea and India is increasing. Moreover, the household spending was increased by 2.6 per cent in June when compared with May thanks to the government's stimulus package II.
The government's spending and investment in the second quarter was also increased by 5.9 per cent and 9.6 per cent respectively.
Ampon added that industrail manufacturing index was also getting better from the contraction of 14.4 per cent to 8.4 per cent in the second quarter this year. Particularly, imports also showed better sign from decreasing by 35 per cent in the first quarter to 27.5 per cent in second quarter this year.
However, NESDB pointed the political chaos is still an important factor that directly hit private investment to a contraction by 16.1 per cent.
The outbreak of influenza Type A H1N1is also affected tourism industry which dropped by 5.6 per cent.
Ampon said the price drop problem of farm crops, especially rice, maize, and cassava, has reduced farmers income.