The number of unemployed workers in Thailand reached 2.5 million in the first half of 2020, and will keep growing next year if state stimulus packages are not strong enough to battle economic woes, according to the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) of Thailand.
The Thai government is planning to make adjustments to its national strategy to keep abreast of changing social and economic trends caused by the global economic slowdown and the COVID-19 pandemic.
The Thailand Development Research Institute (TDRI) has forcast that Thailand is likely to take up to three years to return to normal economic conditions similar to 2019.
The private sector in Thailand is calling on the government to continue easing its lockdown measures to allow other businesses, particularly those related to tourism and supply chains, to restart to curb escalating unemployment.
Thailand’s consumer confidence slumped to a 21-year low in April as the public remained worried about the poor economy, unemployment and future income because of the COVID-19 pandemic.
The COVID-19 pandemic has hit Thailand’s economy harder than any event in the last six decades, with its GDP projected to fall 4 percent and 10 million jobs to be lost, according to the University of the Thai Chamber of Commerce (UTCC).
Thailand is struggling with an increasingly severe drought as the second-largest economy in Southeast Asia also continues to fight the COVID-19 pandemic.
Despite the weakening baht, the Thai National Shippers’ Council (TNSC) expects export value of the country to contract by at least 8 percent in 2020, with a possibility of double digit contraction looming.
Thailand’s private sector has lowered the country’s export forecast to a 1.8 percent contraction this year due to the slowing world economy, widespread domestic drought and the deadly virus outbreak.
The baht of Thailand on January 30 depreciated to its lowest level in seven months at 31.17 per US dollar as investors are worried about the impact of the new coronavirus outbreak, according to Kasikorn Research Centre.
The Digital Council of Thailand (DCT) is working with the Federation of Thai Industries (FTI) to turn the country into a digital innovation hub in ASEAN through development of data centres and artificial intelligence (AI) capability.
The economic cabinet of Thailand remains optimistic that the country’s economic growth will exceed 3 percent this year despite the sluggish global outlook.
Thailand's public and private sectors, in cooperation with the Department of International Trade Promotion, the Thai Chamber of Commerce and Koelnmesse Company Limited of Germany, are organizing the annual THAIFEX - World of Food Asia, which opened on May 28.
The Thai Chamber of Commerce (TCC) forecast Thailand’s gross domestic product (GDP) growth at 3.5 percent in 2019 if the new government takes office by September.
The Ministry of Commerce of Thailand has met with business operators recently to discuss approaches to boosting Thai exports, hoping to achieve an 8 percent annual growth target.
The University of the Thai Chamber of Commerce (UTCC) has projected that spending during the Valentine and Maka Bucha Day period will be no less than 6.3 billion THB.
The Center for Economic and Business Forecasting of the University of the Thai Chamber of Commerce (UTCC) has forecast that up to 45 billion baht in cash flow will be in circulation during the Vegetarian Festival this year.
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