Thai economy expected to recover in Q4: Finance Minister hinh anh 1 Thailand’s Minister of Finance Arkhom Termpittayapaisith (Bangkok Post file photo)
Bangkok (VNA) – Thailand’s Minister of Finance Arkhom Termpittayapaisith feels upbeat about the country's economic prospects because of the COVID-19 vaccine roll-out, predicting the economy will start picking up in the fourth quarter.

Speaking after getting a shot of the AstraZeneca vaccine on March 16, Arkhom said he believes the inoculations will shore up people's confidence, leading them to travel more in the country.

The finance ministry has been closely monitoring economic indicators and expects the situation to improve.

The export sector has to rev up, taking advantage of the recovering economy to increase shipments as much as possible to help offset tourism income, which remains weak, Arkhom said.

If the Centre for COVID-19 Situation Administration (CCSA) gives the nod to relaxing travel restrictions, it is expected to help drive an economic recovery in the fourth quarter, he said.

The tourism-reliant economy contracted 6.1 percent last year, its deepest decline in over two decades.

Last year, foreign visitor numbers plunged 83 percent from nearly 40 million in 2019. The state planning agency predicts 3.2 million arrivals this year.

Thailand plans to cut its mandatory quarantine from 14 to seven days for foreign arrivals vaccinated against the coronavirus from next month./.