Thai economy suffers worst setback in 60 years

Bangkok (VNA) - 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).

Director of the UTCC’s Centre for Economic and Business Forecasting Thanawat Phonwichai said the Thai Chamber of Commerce (TCC) confidence index fell to its lowest point in March since January 2018 as a result of the pandemic.

The country could still recover in the fourth quarter, he added, if the situation stabilises.

The centre predicts Thailand’s economy will contract by about 4 percent in 2020, stemmed in part by the government’s 1.9 trillion baht (58 billion USD) stimulus measures. Without this help, it said, the figure would be 8.8 percent.

It also proposed the Government lower interest rates, suspend debt and tax payments, and reduce electricity and water tariffs while compensating employees who are outside of the social security system.

In order to support local people affected by COVID-19, the Ministry of Commerce has recently launched a campaign cutting prices of 72 consumer goods by between 5 and 58 percent, which will remain in place until June 30.

Goods include food and beverages, frozen food, additives, daily consumer products, and body care and hygiene products./.