Bank of Thailand Speaks Financial Situation of Northern Thailand

 | Tue 7 May 2013 10:08 ICT

CityNews – On 2nd May, the Bank of Thailand, Chiang Mai Office, held a press conference in order to discuss the economic situation in northern Thailand during the first quarter of 2013.

The economy during the first quarter they announced began at first to expand but then quickly decelerated due to economic variables such as consumption, investment, government expenditure and international trade. Investments were slow after the First Car Policy that was launched by the government expired. The number of reserved cars they explained was far less than the number of actual sales. International trade was also slow, while export values decreased because of the Euro Crisis.

However, tourism has been very lively. The influx of tourists from China in Northern Thailand was bigger than anyone expected.

“The growth of the economy in Burma has expanded the international trade in northern Thailand, especially border trade,” said Suphawee Punnasri, the Senior Director of Bank of Thailand, Chiang Mai Office, adding, “Export volume increased almost 10 times in 10 years. It will grow more after the opening of AEC in 2015, and following the comeback of US economy. There will be growth in industrial products being exported, products such as electronic devices and transformed vegetables and fruits.”