BOT:Thai economy recovers in all sectors in January 2012

BANGKOK, February 29 (TNA) - The Bank of Thailand (BOT) reported Wednesday that the Thai economy in January 2012 was continually recovering in all sectors, as confidence among business operators started to improve after the country's flooding crisis late last year. Methee Supapong, BOT's senior director for domestic economy, said that the Thai economic recovery last month was reflected by the business confidence index, which rose to 50.8, the highest level in five months after September 2011, new orders for vehicles placed by local business operators and resumed manufacturing of commercial vehicles. Methee predicted that investment in the Thai private sector will gradually recover as well, as the projected business confidence index for the next quarter stands at 56.5, noting that the BOT expects Thailand's economic growth will resume in the third quarter of this year. Methee also said despite travel advisories against Thailand in January, domestic tourism returned to normal, as some 1.95 million international tourists visited the Kingdom, an 8 per cent year-on-year growth, thanks to rising tourist arrivals from Southeast Asian nations, China and Russia. According to the BOT senior official, the Thai central bank has kept monitoring rising global crude oil prices, now at some 112 US dollars per barrel, and has predicted the country's inflation at 0.5-3 per cent, although rising oil prices may fuel the inflation. Meanwhile, the BOT's Monetary Policy Committee (MPC) will meet on March 21 to review its estimation of world oil prices and Thailand's economic growth for this year. Earlier the MPC projected that the country's gross domestic product (GDP) should grow by 4.9 per cent in 2012. (TNA)