There is still a good possibility of economic improvement in the second half of the year if government spending can be stepped up, he said.
Mr Kittiratt was responding to a BBC report that Thailand had entered a recession. The BBC was merely repeating facts reported in the Thai media earlier.
Speaking on the "Yingluck Government Meets the People" programme on NBT, Mr Kittiratt said the BBC might have reached its conclusion by comparing economic growth figures between the first and second quarters of this year.
Most economists define a technical recession as two consecutive quarters of contraction in gross domestic product (GDP). In that case, Thailand fits the definition.
GDP in the second quarter contracted by 0.5% from the first quarter, when the contraction from the previous quarter was 1.7%.
However, the economy is still growing compared with a year earlier, according to official data released last Monday by the National Economic and Social Development Board (NESDB).
GDP expanded by 2.8% year-on-year in the second quarter after growing 5.4% in the first quarter.
Mr Kittiratt said the weak figure for the second quarter reflected many public holidays in April, a week-long maintenance shutdown of gas supplies from Myanmar, and rapid appreciation of the baht, which has since weakened.
The baht is now at a more appropriate level for exporters, said Mr Kittiratt, who is also the deputy prime minister in charge of economic policy.
Thai exports in the first half of the year grew only 1.2% compared with the same period last year.
Export growth to China, the country's largest export market accounting for 12% of all shipments, is expected to be just 1% this year.
Mr Kittiratt said there was a chance that the economy would perform better in the third quarter on the back of government spending and investment.
"The country's economic fundamentals are still strong. More importantly, Thailand must go ahead with its investment in the planned infrastructure development megaprojects," he said.
"When someone is looking at Thailand, they should look at it in the long term, not the short term."
Thailand was being affected by the impact of the global economic slowdown because it relied heavily on exports, said the minister.
The country has healthy foreign reserves, and the state Oil Fund is financially strong, and could be used to keep fuel prices in check and provide immunity, he added.
He said the impact of continuing foreign capital outflows, on concern that the United States will soon scale back its stimulus measures, would be minimal because excessive foreign capital had flown into the country over the past few years.
Korbsak Sabhavasu, who was a deputy premier in the previous Democrat-led government, said he disagreed with Mr Kittiratt's remarks.
"When a crisis draws near our house, we should be well-prepared and come up with measures to counter it," Mr Korbsak said on his twitter account.
"But the government's economic team seems to be too optimistic, saying everything is in good shape."
He said the government should not hope that exports will improve soon and it will get loans for investment. Instead it should come up with clear-cut measures to deal with the ongoing economic slowdown.
"I just want to tell the government that the economy is now not bright. Many problems are pressing the country, including rising public debt, the high cost of living and people's purchasing power is diminishing," he said.
"The government's economic team should rapidly settle these problems."
The University of the Thai Chamber of Commerce on Saturday forecast that the economy would improve in the fourth quarter.
Thanavath Phonvichai, director of the school's Economic and Business Forecasting Centre, said the global economy was now recovering at a stable pace. As well, he said, approval of the 2.5-trillion baht Budget Bill and disbursements of the 2013 fiscal budget would help the economy.
The only risk factor now is a political conflict. If there is no political turmoil, GDP growth for 2014 should be between 4% and 4.5%, with export expansion of about 4%, he said.