The global economic recovery that appears to be underway was the main topic at the annual symposium held by Thailand’s central bank this week.

The Thai economy will face challenges from low global growth, an appreciating currency and higher funding costs in the years ahead, according to economists at the Bank of Thailand.

Central bank economists at the bank’s yesterday focused on future trends and policy challengesannual economics symposium in the wake of the global downturn.

Even with the worst of the recession apparently over, high household debt and wealth destruction in the US will constrain its consumer purchasing power for five years, while rising bad debt and the need to raise capital will also hamper the US financial sector.

funding costs – money paid to borrow money (interest paid on money plus fees) hiked funding costs – increased funding costs

challenges – new and difficult tasks that require great effort and determination face challenges – meet or encounter new challenges in work or life appreciating currency – a country’s currency (like the Thai baht) which is increasing in value

symposium – a conference or large meeting in which experts and acadmics discuss a subject in detail
annual economics symposium –
X in the wake of Y – X happened after Y
apparently over – seems to be finished (but not sure)
high household debt and wealth destruction – households (families) have borrowed a lot of money and they have had their savings or “wealth” destroyed by the collapse in stock and housing prices

constrain – restrict or limit
constrain its consumer purchasing power – limit what consumers can buy rising bad debt – more and more people and companies not able to pay back loans hamper – prevent action