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Thai economy suffers worst setback in 60 years

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).
Thai economy suffers worst setback in 60 years ảnh 1A deserted lounge at the Suvarnabhumi airport in Bangkok amid Covid-19 (Photo: AFP/VNA)
Bangkok (VNA) - The COVID-19 pandemic hashit Thailand’s economy harder than any event in the last six decades, with its GDP projectedto fall 4 percent and 10 million jobs to be lost, according to the University ofthe Thai Chamber of Commerce (UTCC).

Director of the UTCC’sCentre for Economic and Business Forecasting Thanawat Phonwichai said the Thai Chamberof Commerce (TCC) confidence index fell to its lowest point in March since January2018 as a result of the pandemic.

The country could stillrecover in the fourth quarter, he added, if the situation stabilises.
The centre predicts Thailand’seconomy will contract by about 4 percent in 2020, stemmed in part by the government’s1.9 trillion baht (58 billion USD) stimulus measures. Without this help, it said, the figure wouldbe 8.8 percent.

It also proposed the Governmentlower interest rates, suspend debt and tax payments, and reduce electricity andwater tariffs while compensating employees who are outside of the social securitysystem.

In order to support localpeople affected by COVID-19, the Ministry of Commerce has recently launched a campaigncutting prices of 72 consumer goods by between 5 and 58 percent, which will remainin place until June 30.

Goods include food andbeverages, frozen food, additives, daily consumer products, and body care and hygieneproducts./.
VNA
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