Thai economy back in recession: official data

After two consecutive contracting quarters, the Thai economy is officially back in a recession. This is due to the stronger Baht and a weak global economy, which has considerably lowered exports. While the economy withstood the blow of deadly political violence, it is not immune to the slowdown of the American and European economies. The Baht is at a 13-year high which undermines the competitiveness of Thai exports. Thailand has tried many things to curb the growing strength of the Baht. Monetary policy makers are due to meet again on December 1. Despite the recent contraction, however, the government upgraded its GDP forecast due to a strong start at the beginning of the year.