File photo: CGTN

BANGKOK, Feb. 18 (Xinhua) -- The Bank of Thailand (BOT) on Tuesday said that despite the slowing global economy, drought and delay of the fiscal 2020 budget, a gradual recovery will come at the second and third quarter this year.

"Therefore, it is very likely that the Thai economy will expand by 3 percent next year," said BOT Senior Director of Economic and Policy Department Don Nakornthab.

Thailand's GDP growth stood at 2.4 percent in the last quarter of 2019, while its economic strategy agency, the National Economic and Social Development Council (NESDC) put the GDP expansion at 1.5 percent to 2.5 percent this year.

Don said although the NESDC's projection was lower than BOT's estimation, he still believes a GDP growth of 2.5 percent to 2.8 percent in the fourth quarter of this year.

The BOT in early February decided to cut its interest rate to the lowest level of 1 percent.

Don said the central bank will again review the country's economic situation and release the latest projections of the economy on March 25.