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Thailand in recession?
Publication Date : 20-08-2013
It is yes, theoretically, as a recession is typically defined as two consecutive quarters of contraction in gross domestic product (GDP).
It was announced yesterday that the April-June contraction compares with a revised 1.7 per cent decline in economic output in January-March.
But Suchada Kirakul, an advisor to Bank of Thailand, said it’s just a "technical recession".
"Growth slows due to the high growth base in the fourth quarter of 2012," she said yesterday. And the fourth quarter growth was exceptional, driven mainly by stimulus measures and buoyant sentiment that encouraged massive spending.