Thai Economy Rebounding
The economy of Thailand has come out of the recession during the second quarter, thanks to increased government spending.
The National Economic and Social Development Board stated that the Thai economy contracted 4.9% during the second quarter compared to the same period last year, a much slower decline than the 7.1% year-on-year shrinkage in the first quarter.
The economy grew at 2.3% in the second quarter from the end of March based on a seasonally-adjusted measure, compared with a 1.8% reduction quarter-on-quarter in the first quarter of the year and a 5.9% shrinkage in the fourth quarter of 2008.
Secretary-general Ampon Kittiampon of the NESDB said the economy was clearly on the path to recovery.
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