Bank of Thailand (BoT) deputy governor Atchana Waiquamdee on Wednesday voiced confidence that the country’s economy this year would not experience negative growth, despite the world economic situation, saying the central bank began to witness signs of recovery in the first quarter.
“We hope that the second and third quarter will be an improvement on the first and we still aim for the whole year to keep growth in positive territory, or at least not in negative territory,” Abhisit said.
Mrs. Tarisa [Bank Of Thailand governor] views the Thai economy in the first quarter this year as being better than its performance in the last quarter of 2008, and states that she believes the economy will not be in recession because state spending and investment had begun to accelerate.
Thailand’s economic recovery will be delayed and positive growth might not be seen until the final quarter of this year, later than forecast, Prime Minister Abhisit Vejjajiva says.
The Thai economy began signalling recovery in April despite political unrest and long public holidays, according to the Bank of Thailand (BoT).
BoT Local Economy Division senior director Amara Sripayak said Friday that economic data released in April was better than expected.
The Thai economy is likely to take more than a year to fully recover, Prime Minister Abhisit Vejjajiva said yesterday at the annual meeting of the National Economic and Social Development Board (NESDB).
The classic running path of incompetence and wishful thinking.
-stage 1 : denial : there is no recession
-quick admission but then grotesque lie (the BOT announcing recovery in january !)
-then forecasts : okay we are in deep shit, but recovery coming, Q3 will be better, or Q4. It’s coming. Sure. We promise.
-then the sophisticated propaganda machine is running full steam : the famous Green Shoots (I love this stage!).
-then admission of guilt : well… “recovery at least a year away”…
-then… the latest stage : “run Forrest, run”…
Not yet though.
Anyway : july 2009 + 1 year = july 2010. Ah… mister Abhisit that’s very different than “final quarter of this year” ! 😉 The question is : what the Prime Minister will say… in july 2010 ?
Alice is in Wonderland. And we are still inside the Rabbit Hole.